Q2 2025 GrafTech International Ltd Earnings Call

July 25, 2025

Carmen and welcome the graph Tech second quarter 2025 earnings conference call and webcast at this time all lines are in a listen only mode.

Operator: Good morning, ladies and gentlemen, and welcome to GrafTech's Q2 2025 Earnings Conference Call and Webcast. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If anyone has any difficulties hearing the conference, please press star zero for operator assistance at any time. I would now like to turn the conference call over to Michael Dillon, Vice President, Investor Relations, and Treasurer. Please go ahead.

Michael Dillon: I would now like to turn the conference call over to Mike Dillon, Vice President, Investor Relations, and Treasurer. Please go ahead. Thank you, Jenny.

Following the presentation, we will conduct a question and answer session.

Anyone has any difficulties hearing the conference. Please press star zero for operator assistance at any time.

Michael Dillon: Good morning and welcome to GrafTech International's second quarter 2025 earnings call. On with me today are Tim Flanagan, Chief Executive Officer, Jeremy Halford, Chief Operating Officer, and Rory O'Donnell, Chief Financial Officer.

I would now like to try to conference call over to Mike Dolan, Vice President Investor Relations and Treasurer. Please go ahead.

Thank you Danny.

Timothy Flanagan: Tim will begin with opening comments. Jeremy will then discuss safety, the commercial environment, sales, and operational matters. Rory will review our quarterly results and other financial details, and Tim will close with additional comments on our outline.

Good morning, and welcome to graphic International's second quarter 2025 earnings call with.

Mike Dillon: Thank you, Jenny. Good morning, and welcome to GrafTech International's Q2 2025 earnings call. On with me today are Tim Flanagan, Chief Executive Officer, Jeremy Halford, Chief Operating Officer, and Rory O'Donnell, Chief Financial Officer. Tim will begin with opening comments. Jeremy will discuss safety, the commercial environment, sales, and operational matters. Rory will review our quarterly results and other financial details, and Tim will close with additional comments on our outlook. We will open the call to questions. Turning to our next slide. As a reminder, some of the matters discussed on this call may include forward-looking statements regarding, among other things, performance, trends, and strategies. These statements are based on current expectations and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those indicated by forward-looking statements are shown here.

With me today are Tim Flanagan, Chief Chief Executive Officer, Jeremy Hallford, Chief operating Officer, and Rory O'donnell, Chief Financial Officer.

Timothy Flanagan: We will then open the call to questions. Turning to our next slide.

Tim will begin with opening comments, Jeremy will then discuss safety the commercial environment sales and operational matters.

Timothy Flanagan: As a reminder, some of the matters discussed on this call may include forward-looking statements regarding, among other things, performance, trends, and strategies. These statements are based on current expectations and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those indicated by forward-looking statements are shown here. We will also discuss certain non-GAAP financial measures, and these slides include the relevant non-GAAP reconciliation. You can find these slides in the Investor Relations section of our website at www.graftech.com.

Rory will review, our quarterly results and other financial details and Tim will close with additional comments on our outlook.

We will then open the call to questions.

Turning to our next slide.

As a reminder.

Some of the matters discussed on this call may include forward looking statements regarding among other things performance trends and strategies. These statements are based on current expectations and are subject to risks and uncertainties.

Factors that could cause actual results to differ materially from those indicated by forward looking statements are shown here. We will also discuss certain non-GAAP financial measures and these slides include the relevant non-GAAP reconciliations you.

Operator: Replay of the call will also be available on our website.

Timothy Flanagan: I'll now turn the call over to Tim. Good morning, and thank you for joining GrafTech's second quarter's earning call. Today, we'll provide an overview of our second quarter performance, share key operational and commercial updates, and discuss our outlook for the remainder of 2025 and beyond. But before we dive into the details, I'd like to begin with an update on the proactive steps we are taking as it relates to the evolving industry dynamics and heightened macro uncertainty. We have outlined a series of strategic initiatives to meet our key commercial, operational, and financial objectives. Our objectives are clear and include increasing sales volume and regaining market share, improving our average pricing through a combination of price increases and shifting the geographic mix of our volume to higher priced regions, reducing costs and working capital requirements, and ultimately to improve our liquidity and strengthen our overall financial foundation.

Mike Dillon: We will also discuss certain non-GAAP financial measures, and these slides include the relevant non-GAAP reconciliations. You can find these slides in the investor relations section of our website at www.graftech.com. A replay of the call will also be available on our website. I'll now turn the call over to Tim.

You can find these slides in the Investor Relations section of our website at Www Dot graphic dot com.

Good morning, ladies and gentlemen, and welcome the graph Tech second quarter 2025 earnings conference call and webcast.

A replay of the call will also be available on our website.

I'll now turn the call over to Tim.

Good morning, and thank you for joining <unk> second quarter's earnings second quarter's earning call.

Tim Flanagan: Good morning, thank you for joining GrafTech's Q2 earnings call. Today, we'll provide an overview of our Q2 performance, share key operational and commercial updates, and discuss our outlook for the remainder of 2025 and beyond. Before we dive into the details, I'd like to begin with an update on the proactive steps we are taking as it relates to the evolving industry dynamics and heightened macro uncertainty. We have outlined a series of strategic initiatives to meet our key commercial, operational, and financial objectives. Our objectives are clear and include increasing sales volume and regaining market share, improving our average pricing through a combination of price increases, and shifting the geographic mix of our volume to higher priced regions, reducing costs and working capital requirements, and ultimately to improve our liquidity and strengthen our overall financial foundation.

Today, we will provide an overview of our second quarter performance share key operational and commercial update and discuss our outlook for the remainder of 2025 and beyond.

At this time, all lines are in a listen. Only mode. Following the presentation, we will conduct a questioning answer session. If anyone has any difficulties here in the conference, please press star zero for operator assistance at any time.

Before we dive into the details I'd like to begin with an update on the proactive steps we are taking as it relates to the evolving industry dynamics and heightened macro uncertainty we.

I would now like to turn the conference call over to Mike Dillon, vice president, investor relations and Treasurer. Please go ahead.

Mike Dillon: Thank you, Jenny.

We've outlined a series of strategic initiatives to meet our key commercial operational and financial objectives. Our objectives are clear and include increasing sales volume and regaining market share.

Speaker Change: Good morning and welcome to graphic Internationals second quarter 2025 earnings call on with me today are Tim Flanagan. Chief chief executive officer. Jeremy Howard Chief Operating Officer and Royal O'Donnell Chief Financial Officer.

Timothy Flanagan: Our initiatives have been designed to strengthen our competitive positioning, enhance our resiliency, and ensure we remain well positioned to generate strong returns as the market recovers. The team is delivering on all fronts, and the results have been impressive. Allow me to highlight a few examples from our second quarter performance. We grew sales volume by 12% year-over-year in the second quarter and 16% sequentially compared to the first quarter. In fact, our sales volume in the second quarter was our highest level since the third quarter of 2022. Likewise, our capacity utilization rate increased to 65 percent, also the highest level in nearly three years.

Improving our average pricing through a combination of price increases and shifting the geographic mix of our volume to higher priced regions reducing.

Speaker Change: Tim will begin with opening comments. Jeremy will then discuss safety. The commercial environment, sales and operational matters.

Reducing costs and working capital requirements, and ultimately to improve our liquidity and strengthen our overall financial foundation.

Rory O'Donnell: Rory will review our quarterly results and other Financial details, and Tim will close with additional comments on our Outlook.

Speaker Change: We will then open the call to questions.

Our initiatives have been designed to strengthen our competitive positioning enhance our resiliency and ensure we remain well positioned to generate strong returns as the market recovers.

Rory O'Donnell: Turning to our next slide.

Tim Flanagan: Our initiatives have been designed to strengthen our competitive positioning, enhance our resiliency, ensure we remain well-positioned to generate strong returns as the market recovers. The team is delivering on all fronts, and the results have been impressive. Allow me to highlight a few examples from our Q2 performance. We grew sales volume by 12% year over year in Q2 and 16% sequentially compared to Q1. In fact, our sales volume in Q2 was our highest level since Q3 2022. Likewise, our capacity utilization rate increased to 65%, also the highest level in nearly 3 years. We achieved a 13% year-over-year decline in our cash COGS per metric ton, and we expect to exceed our initial cost reduction guidance for the full year. We generated +EBITDA for the first time since Q2 of last year.

Speaker Change: As a reminder.

The team is delivering on all fronts and the results have been impressive.

Allow me to highlight a few examples from our second quarter performance.

We grew sales volume by 12% year over year in the second quarter, and 16% sequentially compared to the first quarter in.

Timothy Flanagan: We achieved a 13% year-over-year decline in our cash costs per metric ton and we expect to exceed our initial cost reduction guidance for the full year. We generated positive EBITDA for the first time since the second quarter of last year. And lastly, our cashflow performance and quarter-end liquidity position exceeded our expectations. Overall, we're very pleased with the second quarter results. However, I want to be clear, that doesn't mean we're satisfied with the current level of performance. However, we do view these results as a positive step in the right direction. These are signs of progress and momentum, providing a solid platform to build upon for continued improvement.

In fact, our sales volume in the second quarter was our highest level since the third quarter of 2022.

Speaker Change: Some of the matters, discussed on this call, may include for looking statements regarding among other things, performance, Trends and strategies. These statements are based on current expectations that are subject to risks and uncertainties factors that could cause actual results to differ materially from those indicated by 4 looking statements are shown here. We will also discuss certain non-gaap Financial measures and these slides include the relevant non-gaap, reconciliations

Likewise, our capacity utilization rate increased to 65% also the highest level in nearly three years.

Speaker Change: you can find these slides in the investor relations section of our website at

Speaker Change: the replay of the call will also be available on our website.

Tim Flanagan: I'll now turn the call over to Tim.

We achieved a 13% year over year decline in our cash Cogs per metric ton and.

Good morning, and thank you for joining graphtec. Second quarter's earning second quarter's earning call.

And we expect to exceed our initial cost reduction guidance for the full year.

We generated positive EBITDA for the first time since the second quarter of last year.

Tim Flanagan: Today, we'll provide an overview of our second quarter performance, share key operational and Commercial updates, and discuss our outlook for the remainder of 2025, and Beyond.

And lastly, our cash flow performance and quarter end liquidity position exceeded our expectations.

Tim Flanagan: Lastly, our cash flow performance and quarter-end liquidity position exceeded our expectations. Overall, we're very pleased with these Q2 results. However, I want to be clear. That doesn't mean we're satisfied with the current level of performance. However, we do view these results as a positive step in the right direction. These are signs of progress and momentum, providing a solid platform to build upon for continued improvement. As market conditions recover, we will remain well positioned to accelerate our path back to normalized levels of profitability. With that introduction, let me expand on our initiatives and performance in a few of these areas, starting with the commercial efforts. We are actively leveraging our strong customer value proposition and capitalizing on the commercial momentum we have built to expand our market share and drive continued volume growth.

Overall, we're very pleased with these second quarter results.

Tim Flanagan: But before we dive into the details, I'd like to begin with an update. On the proactive steps we are taking as it relates to the evolving industry, Dynamics and heightened macro certainty.

However, I want to be clear that doesn't mean, we're satisfied with the current level of performance.

Timothy Flanagan: As market conditions recover, we will remain well-positioned to accelerate our path back to normalized levels of profitability.

However, we do view these results as a positive step in the right direction. These are signs of progress and momentum providing a solid platform to build upon for continued improvement.

Timothy Flanagan: With that introduction, let me expand on our initiatives and performance in a few of these areas, starting with the commercial effort. We are actively leveraging our strong customer value proposition and capitalizing on the commercial momentum we have built to expand our market share and drive continued volume growth. With the second quarter performance I referenced earlier, our year-to-date sales volume is up 7% compared to 2024. Further, we remain on track to increase our sales volume by approximately 10% on a full-year basis for 2025 compared to last year. This will result in cumulative sales volume growth of approximately 25% since the end of 2023.

As market conditions recover we will remain well positioned to accelerate our path back to normalized levels of profitability.

Tim Flanagan: We have outlined a series of strategic initiatives to meet our key commercial, operational and financial objectives. Our objectives are clear and include increasing sales, volume and regaining market share improving. Our average pricing through a combination of price increases and Shifting the geographic mix of our volume to higher price regions, reducing costs and work Capital requirements, and ultimately to improve our liquidity and strengthen our overall Financial Foundation.

With that introduction, let me expand on our initiatives and performance in a few of these areas starting with the commercial efforts.

We are actively leveraging our strong customer value proposition and capitalizing on the commercial momentum we have built to expand our market share and drive continued volume growth.

Tim Flanagan: Our initiatives have been designed to strengthen our competitive positioning, enhance our resiliency and ensure we remain. Well, positioned to generate strong returns as the market recovers.

Tim Flanagan: The team is delivering an all fronts and the results have been impressive.

Tim Flanagan: Allow me to highlight a few examples from our second quarter performance.

With the second quarter performance I referenced earlier, our year to date sales volume is up 7% compared to 2024.

Tim Flanagan: With the Q2 performance I referenced earlier, our year-to-date sales volume is up 7% compared to 2024. We remain on track to increase our sales volume by approximately 10% on a full year basis for 2025 compared to last year. This will result in cumulative sales volume growth of approximately 25% since the end of 2023. This is impressive growth in any market, but is particularly noteworthy given the graphite electrode demand has remained relatively flat for the past 2 years. It's a clear indication that our strategy is working and that we're outperforming the broader market. We continue to face challenging pricing dynamics in nearly all of our regions.

Timothy Flanagan: This is impressive growth in any market. But it's particularly noteworthy given the graphite electrode demand has remained relatively flat for the past two years. It's a clear indication that our strategy is working and that we're outperforming the broader market. However, we continue to face challenging pricing dynamics in nearly all of our regions. While this is partially attributable to the flat market demand, it further reflects the increased level of low price graphite electrode exports from China and others that we've spoken to previously, which has resulted in excess electrode capacity in the rest of the world. To navigate these headwinds, we are closely monitoring market developments and remain focused on disciplined execution across all areas within our control.

Further we remain on track to increase our sales volume by approximately 10% on a full year basis for 2025% compared to last year.

Tim Flanagan: first quarter, in fact, our sales volume in the second quarter was our highest level, since the third quarter of 2022

This will result in cumulative sales volume growth of approximately 25% since the end of 2023.

Tim Flanagan: Likewise our capacity, utilization rate increased to 65%. Also the highest level in nearly 3 years.

This is impressive growth in any market.

But is particularly noteworthy given the graphite electrode demand has remained relatively flat for the past two years.

Tim Flanagan: we achieved a 13% year-over-year, decline in our cache cogs per metric ton

Tim Flanagan: And we expect to exceed our initial cost reduction guidance for the full year.

It's a clear indication that our strategy is working and that we're outperforming the broader market.

Tim Flanagan: We generated positive ebita for the first time since the second quarter of last year.

However, we continue to face challenging pricing dynamics in nearly all of our regions.

Tim Flanagan: And lastly, our cash flow performance and quarter end liquidity position. Exceeded our expectations.

While this is partially attributable to the flat market demand. It further reflects the increased level of low price graphite electrode exports from China and others that we spoken to previously which has resulted in excess electrode capacity in the rest of the world.

Tim Flanagan: While this is partially attributable to the flat market demand, it further reflects the increased level of low-priced graphite electrode exports from China and others that we've spoken to previously, which has resulted in excess electrode capacity in the rest of the world. To navigate these headwinds, we are closely monitoring market developments and remain focused on disciplined execution across all areas within our control. To that end, we have taken and will continue to take decisive actions to improve our overall financial performance. These efforts include ongoing actions to strategically shift the geographic mix of our sales volume towards regions where we see opportunities to capture higher selling prices. In some cases, this means making deliberate decision to walk away from volume opportunities where margins are unacceptably low and we're not being compensated for the value proposition we provide.

Overall, we're very pleased with these second quarter results.

Timothy Flanagan: To that end, we have taken and will continue to take decisive actions to improve our overall financial performance. These efforts include ongoing actions to strategically shift the geographic mix of our sales volume towards regions where we see opportunities to capture higher selling. In some cases, this means making deliberate decision to walk away from volume opportunities where margins are unacceptably low and we're not being compensated to the value proposition we provide. This is consistent with our commitment to a disciplined, value-focused growth, not volume-for-volume savings. The key element of this strategy is to grow our volume and market share in the United States, which remains our most profitable region.

Tim Flanagan: However, I want to be clear. That doesn't mean we're satisfied with the current level of performance.

Navigate these headwinds we are closely monitoring market developments and remain focused on disciplined execution across all areas within our control.

Tim Flanagan: However, we do view these results, as a positive step in the right direction. These are signs of progress and momentum providing a solid platform to build upon for continued Improvement.

To that end, we have taken and will continue to take decisive actions to improve our overall financial performance.

Tim Flanagan: As market conditions recover, we will remain well positioned to accelerate our path back to normalized levels of profitability.

These efforts include ongoing actions to strategically shift the geographic mix of our sales volume towards regions, where we see opportunities to capture higher selling prices.

Tim Flanagan: With that introduction. Let me expand on our initiatives and performance in a few of these areas starting with the commercial efforts.

In some cases this means making deliberate decision to walk away from volume opportunities, where margins are unacceptable below and we're not being compensated for the value proposition we provide.

Tim Flanagan: we are actively leveraging, our strong customer value proposition and capitalizing on the

Tim Flanagan: Commercial momentum. We have built to expand our market share and drive continued. Volume growth.

Timothy Flanagan: In the second quarter, we increased our sales volume in the United States by 38% year-over-year. This represents another step change in our U.S. market share and is providing significant support to our average selling. For the second quarter, our weighted average price was approximately $4,200 per metric ton. Comparing this to the fourth quarter of 2024, where our average selling price for non-LTA volume was approximately $3,900 per metric ton, this represents an increase of nearly 8%. As overall market pricing has remained relatively flat over this period, the growth in our average selling price is attributable to the successful execution of this strategy.

This is consistent with our commitment to a disciplined value focused growth not volume for volume sake.

Tim Flanagan: This is consistent with our commitment to a disciplined, value-focused growth, not volume for volume's sake. A key element of this strategy is to grow our volume and market share in the United States, which remains our most profitable region. In Q2, we increased our sales volume in the United States by 38% year over year. This represents another step change in our US market share and is providing significant support to our average selling price. For Q2, our weighted average price was approximately $4,200 per metric ton. Comparing this to Q4 of 2024, where our average selling price for non-LTA volume was approximately $3,900 per metric ton, this represents an increase of nearly 8%. As overall market pricing has remained relatively flat over this period, the growth in our average selling price is attributable to the successful execution of this strategy.

with the second quarter performance, I referenced earlier our year-to-date sales volume is up 7% compared to 2024

A key element of this strategy is to grow our volume and market share in the United States, which remains our most profitable region.

Tim Flanagan: Further, we remain on track to increase our sales volume by approximately, 10% on a full year basis for 2025, compared to last year.

In the second quarter, we increased our sales volume in the United States by 38% year over year.

Tim Flanagan: This will result in cumulative sales volume growth of approximately 25% since the end of 2023.

This represents another step change in our U S market share and is providing significant support to our average selling price.

Tim Flanagan: This is impressive growth in any Market.

For the second quarter, our weighted average price was approximately $4200 per metric ton.

Tim Flanagan: But is particularly noteworthy, given the graphite electrode demand has remained relatively flat for the past 2 years.

Comparing this to the fourth quarter of 2024, where our average selling price for non LTA volume was approximately $3900 per metric ton. This represents an increase of nearly 8%.

Tim Flanagan: It's a clear indication that our strategy is working and that we're outperforming the broader Market.

Timothy Flanagan: While optimizing the geographic mix of our sales volume is an important step towards improving the quality of our order book, the reality is the absolute level of pricing across the industry must increase to more accurately reflect the underlying costs, the value delivered, and the essential nature of graphite electronics. Earlier this year, we informed our customers of our intention to increase prices by 15% on uncommitted volume for 2025. This increase is the first necessary step on the path to restoring pricing and therefore profitability to levels that will support our ability to invest in our business. Our customers recognize that graphite electrodes are a relatively small piece of their overall cost structure.

Tim Flanagan: however, we continue to face challenging Dynamics in nearly all of our regions,

As overall market pricing has remained relatively flat over this period the growth in our average selling prices attributable to the successful execution of this strategy.

Tim Flanagan: While this is partially attributable to the flat market. Demand it further, reflects the increased level of low price, graphite electrode exports from China and others that we've spoken to previously, which is resulted in excess, electrode capacity in the rest of the world.

While optimizing the geographic mix of our sales volume is an important step towards improving the quality of our order book the reality of the absolute level of pricing across the industry must increase to more accurately reflect the underlying cost the value delivered and the essential nature nature of graphite electrodes.

Tim Flanagan: While optimizing the geographic mix of our sales volume is an important step towards improving the quality of our order book, the reality is the absolute level of pricing across the industry must increase to more accurately reflect the underlying costs, the value delivered, and the essential nature of graphite electrodes. Earlier this year, we informed our customers of our intention to increase prices by 15% on uncommitted volume for 2025. This increase is the first necessary step on the path to restoring pricing and therefore profitability to levels that will support our ability to invest in our business. Our customers recognize that graphite electrodes are a relatively small piece of their overall cost structure, but are just as important as the scrap they put in their mill or the electricity that powers their furnace.

Navigate these headwinds, we are closely monitoring Market. Developments and remain focused on disciplined execution, across all areas within our control.

Tim Flanagan: To that end, we have taken and will continue to take. Decisive actions to improve our overall financial performance.

Earlier this year, we informed our customers of our intention to increase prices by 15% on uncommitted volume for 2025.

Timothy Flanagan: but are just as important as the scrap they put in their mill or the electricity that powers their ferns. They appreciate the significant steps taken by GrafTech to improve the health of our business before coming to them with a price. While capturing higher pricing in a soft commercial environment is never easy, we're encouraged that we're starting to see price stability across many of our key regions.

This increase is the first necessary step on the path to restoring pricing and therefore profitability to levels that will support our ability to invest in our business.

Tim Flanagan: These efforts include ongoing actions to strategically shift the geographic mix of our sales volume towards regions, where we see opportunities to capture higher selling prices.

Our customers recognize the graphite electrodes are a relatively small piece of their overall cost structure.

Tim Flanagan: In some cases, this means making deliberate decisions to walk away from volume opportunities, where margins are unacceptably low and where we're not being compensated to the value proposition, we provide

But are just as important as the scrap they put in their mill or the electricity that powers a furnace.

Tim Flanagan: This is consistent with our commitment to a disciplined value, focused growth, not volume for volume sake.

They appreciate the significant steps taken by <unk> to improve the health of our business before coming to them with the price increase.

Timothy Flanagan: As we finalize customer negotiations related to volume for the balance of 2025, and head into discussions with our customers on their needs for 2026, we look forward to discussing the unmatched value we provide to our customers beyond just supplying electrodes of the highest quality. This includes the reliability of supply and our world-class technical services, all which support a higher price. We are unwavering in our commitment to serve our customers with excellence and be the most trusted value-added supplier of high-quality graphite electrodes. Consistent with our focus on nurturing long-term partnerships built on performance, reliability, and mutual success.

Tim Flanagan: They appreciate the significant steps taken by GrafTech to improve the health of our business before coming to them with a price increase. While capturing higher pricing in a soft commercial environment is never easy, we're encouraged that we're starting to see price stability across many of our key regions. As we finalize customer negotiations related to volume for the balance of 2025 and head into discussions with our customers on their needs for 2026, we look forward to discussing the unmatched value we provide to our customers beyond just supplying electrodes of the highest quality. This includes the reliability of supply and our world-class technical services, all which support a higher price point.

Tim Flanagan: A key element of the strategy is to grow our volume and market share in the United States, which remains our most profitable region.

While capturing higher pricing and a soft commercial environment is never easy we're encouraged but we're starting to see price stability across many of our key regions.

Tim Flanagan: In the second quarter, we increase our sales volume in the United States by 38% year-over-year.

As we finalized customer negotiations related to volume for the balance of 2025 and head into discussions with our customers on their needs for 2026, we look forward to discussing the unmatched value we provide to our customers beyond just applying electrodes are the highest quality.

Tim Flanagan: Change in our US market share and is providing significant support to our average selling price.

Tim Flanagan: For the second quarter, our weighted average price was approximately 4,200 per metric ton

This includes the reliability of supply and our World class Technical services, all which support a higher price point.

Tim Flanagan: Comparing this to the fourth quarter of 2024, where our average selling price for nonla volume was approximately 3,900 per metric ton. This represents an increase of nearly 8%

Timothy Flanagan: Allow me to pivot to cost. I want to acknowledge the outstanding work our team has done to significantly improve our costs. from fixed and variable operating expenses to corporate overhead costs. Through disciplined execution and a relentless focus on efficiency, we've made remarkable progress in driving down costs and enhancing the overall agility of our operation. Further, our team continues to effectively manage the uncertainty caused by the evolving global trade making policy and specifically the impact of U.S. tariffs. As we've consistently noted, our integrated global network of production gives us flexibility around where we manufacture our products, allowing us to serve end markets efficiently and reliably.

We are unwavering in our commitment to serve our customers with excellence and be the most trusted value added supplier of high quality rapid electrodes consistent with our focus on nurturing long term partnerships built on performance reliability and mutual success.

Tim Flanagan: We are unwavering in our commitment to serve our customers with excellence and be the most trusted, value-added supplier of high-quality graphite electrodes, consistent with our focus on nurturing long-term partnerships built on performance, reliability, and mutual success. Allow me to pivot to cost. I want to acknowledge the outstanding work our team has done to significantly improve our cost structure, from fixed and variable operating expenses to corporate overhead costs. Through disciplined execution and a relentless focus on efficiency, we've made remarkable progress in driving down costs and enhancing the overall agility of our operations. Our team continues to effectively manage the uncertainty caused by the evolving global trade-making policy and specifically the impact of US tariffs. As we've consistently noted, our integrated global network of production gives us flexibility around where we manufacture our products, allowing us to serve end markets efficiently and reliably.

Tim Flanagan: As overall market pricing has remained relatively flat over this period. The growth in our average selling price is attributable to the successful execution of this strategy.

Allow me to pivot to costs.

I want to acknowledge the outstanding work our team has done to significantly improve our cost structure.

From fixed and variable operating expenses to corporate overhead costs.

Through disciplined execution and our relentless focus on efficiency, we've made remarkable progress in driving down costs and enhancing the overall agility of our operations.

Tim Flanagan: Earlier this year, we informed our customers of Our intention to increase prices by 15% on uncommitted, volume for 2025.

Further our team continues to effectively manage the uncertainty caused by the evolving global trade, making policy and specifically the impact of U S tariffs.

Tim Flanagan: This increase is the first necessary step on the path to restoring pricing and therefore profitability to levels that will support our ability to invest in our business.

Timothy Flanagan: In addition, we maintain strategically positioned inventories across key geographies, allowing us to meet customer needs even in dynamic market conditions. As a result, we are well-positioned to minimize the potential impacts of those imposed tariffs. As we noted in Q1, we expect the impact of the announced tariffs to have less than a 1% impact on our 2025 cash costs, which is reflected in our updated cash COGS guidance. The current trade announcements also present opportunities for our business. closely monitoring how various tariff scenarios could influence steel industry trends and shape the commercial environment for graphite electronics. For example, with the expanded Section 232 tariffs that have been implemented on U.S.

As we've consistently noted our integrated global network of production gives us flexibility around where we manufacture our products, allowing us to serve end markets efficiently and reliably.

Tim Flanagan: Our customers recognize, that graphite electrodes are a relatively small piece of their overall cost structure.

Tim Flanagan: but our just as important as the scrap they put in their Mill or the electricity, that powers their furnace,

In addition, we maintained strategically positioned inventories across key geographies, allowing us to meet customer needs even in a dynamic market conditions.

Tim Flanagan: They appreciate the significant steps taken by graphtec to improve the health of our business before coming to them with the price increase.

Tim Flanagan: In addition, we maintain strategically positioned inventories across key geographies, allowing us to meet customer needs even in dynamic market conditions. As a result, we are well positioned to minimize the potential impacts of those imposed tariffs. As we noted in Q1, we expect the impact of the announced tariffs to have less than a 1% impact on our 2025 cash COGS, which is reflected in our updated cash COGS guidance. The current trade announcements also present opportunities for our business. We're closely monitoring how various tariff scenarios could influence steel industry trends and shape the commercial environment for graphite electrodes. For example, with the expanded Section 232 tariffs that have been implemented on US steel or steel imports into the US, we continue to expect those tariffs will be stickier than the broader tariff programs that have continued to evolve.

As a result, we are well positioned to minimize the potential impacts.

Tim Flanagan: While capturing higher pricing in a soft commercial environment is never easy. We're encouraged by that. We're starting to see price stability, across many of our key regions.

Those imposed tariffs.

As we noted in Q1, we expect the impact of the announced tariffs to have less than a 1% impact on our 2025 cash cost which is reflected in our updated cash Cogs guidance.

Tim Flanagan: As we finalize customer negotiations related to volume for the balance of 2025, and head into discussions with our customers on their needs for 2026. We look forward to discussing the unmatched value. We provide to our customers Beyond just supplying electrodes of the highest quality.

The current trade announcements also present opportunities for our business.

Timothy Flanagan: steel imports into the U.S., we continue to expect those tariffs will be stickier than the broader tariff programs that have continued to evolve. Further, we expect higher Section 232 tariffs will support an increase in steel production within the United States, and this presents a tremendous opportunity for GrafTech. Based on the latest statistics from the World Steel Association, nearly 72% of the steel produced in the U.S. in 2024 was manufactured using the electric arc furnace steelmaking approach. An increase of approximately 350 basis points compared to 2023. And as we'll discuss later in our comments, we expect this positive mix shift will continue.

This includes the reliability of supply and our world-class Technical Services all which support a higher price point.

We're closely monitoring how various tariff scenarios could influence steel industry trends and shape the commercial environment for graphite electrodes.

For example, with the expanded section 232 tariffs that have been implemented on U S steel or steel imports into the U S.

Tim Flanagan: We are unwavering in our commitment to serve our customers with excellence and be the most trusted value, added supplier of high-quality graphite, electrodes consistent with our focus. On nurturing long-term Partnerships built on performance, reliability, and mutual success.

We continue to expect those tariffs will be stickier than the broader tariff programs.

Speaker Change: Allow me to Pivot to cost.

Continue to evolve.

Further we expect higher section 232 tariffs will support an increase in steel production within the United States and this presents a tremendous opportunity for graphic.

Tim Flanagan: Further, we expect higher Section 232 tariffs will support an increase in steel production within the United States, and this presents a tremendous opportunity for GrafTech. Based on the latest statistics from the World Steel Association, nearly 72% of the steel produced in the US in 2024 was manufactured using the electric arc furnace steelmaking approach, an increase of approximately 350 basis points compared to 2023. As we'll discuss later in our comments, we expect this positive mix shift will continue. Given our strong momentum in this key region, combined with an increased tariffs impacting certain foreign graphite electrode competitors, we are well positioned to compete for incremental demand from our US customers.

Speaker Change: I want to acknowledge the outstanding work. Our team has done to significantly improve our cost structure from fixed and variable operating expenses to corporate overhead costs.

Based on the latest statistics from the World Steel Association nearly 72% of the steel produced in the U S. In 2024 was manufactured using the electric arc furnace steelmaking approach.

Through disciplined execution and a Relentless focus on efficiency. We've made remarkable progress in driving down costs and enhancing the overall agility of our operations.

Timothy Flanagan: Given our strong momentum in this key region, combined with an increased tariffs impacting certain foreign graphite electrode competitors, we are well positioned to compete for incremental demand from our U.S. customers.

An increase of approximately 350 basis points compared to 2023.

Further, our team continues to effectively manage the uncertainty caused by the evolving global trade making policy and specifically the impact of us tariffs.

And as we'll discuss later in our comments, we expect this positive mix shift will continue.

Timothy Flanagan: Overall, given the fluid nature of global trade policy, we are continually assessing the range of potential tariff outcomes and taking proactive measures that seek to address the following. Minimizing the risk for GrafTech. capitalizing on emerging opportunities and promoting fair trade in our key regions. Above all, our focus remains on meeting the needs of our customers, and we are confident in our ability to do that.

Given our strong momentum in this key region combined with an increase increased tariffs impacting certain foreign graphite electrode competitors, we are well positioned to compete for incremental demand from our U S customers.

As we've consistently noted, our integrated Global Network of production gives us flexibility around where we manufacture. Our products, allowing us to serve and markets, efficiently and reliably.

Speaker Change: In addition, we maintain strategically positioned inventories, across key geographies allowing us to meet customer needs, even in Dynamic market conditions.

Overall, given the fluid nature of global trade policy, we're continuously assessing a range of potential tariff outcomes and taking proactive measures that seek to address the following.

Tim Flanagan: Overall, given the fluid nature of global trade policy, we are continually assessing the range of potential tariff outcomes and taking proactive measures that seek to address the following: minimizing the risk for GrafTech, capitalizing on emerging opportunities, and promoting fair trade in our key regions. Above all, our focus remains on meeting the needs of our customers, and we are confident in our ability to do so. Taking a step back regarding our Q2 performance, we're pleased that our efforts across all of the areas that I've discussed are beginning to translate into improved bottom-line performance. This reflects signs of progress and momentum towards our objective of accelerating our path back to normalized levels of profitability.

Speaker Change: As a result, we are well positioned to minimize the potential impacts and of those imposed tariffs.

Timothy Flanagan: Taking a step back regarding our second quarter performance, we're pleased that our efforts across all of the areas that I've discussed are beginning to translate into improved bottom line performance. This reflects signs of progress and momentum towards our objective of accelerating our path back to normalized levels of profitability.

Minimizing the risk for graphic cap.

Capitalizing on emerging opportunities and promoting fair trade in our key regions.

Above all our focus remains on meeting the needs of our customers and we are confident in our ability to do so.

Speaker Change: As we noted in q1, we expect the impact of the announced tariffs to have less than a 1% impact on our cap. 2025 cash costs which is reflected in our updated cash cogs guidance.

Speaker Change: The current trade announcements also present opportunities for our business.

Taking a step back regarding our second quarter performance. We're pleased that our efforts across all of the areas that I've discussed are beginning to translate into improved bottom line performance.

Timothy Flanagan: To that end, I want to sincerely thank our entire team around the world for their remarkable efforts, their resilience, and commitment during this pivotal time. Their dedication continues to drive our progress and position us for long-term success.

We're closely monitoring how various tariff scenarios could influence deal industry Trends and shape, the commercial environment for graphite electrodes

This reflects signs of progress and momentum towards our objective of accelerating our path back to normalized levels of profitability.

Speaker Change: For example, with the expanded section, 232 tariffs that have been implemented on us steel or steel Imports into the US.

Jeremy Halford: With that, let me turn it over to Jeremy to provide more color on our operational and commercial performance. Thank you, Tim, and good morning, everyone. I'll begin with an update on safety, which is one of our core values and a non-negotiable priority across our organization. We are pleased to have maintained strong momentum in this area, putting us on track for our best safety performance ever. This positive trend is a direct result of our team's vigilance, accountability, and shared commitment to a culture of safety. As we move through the rest of the year, sustaining and building on this momentum will remain a key focus.

To that end I want to sincerely, thank our entire team around the world for their remarkable efforts the resilience and commitment during this pivotal time.

Tim Flanagan: To that end, I want to sincerely thank our entire team around the world for their remarkable efforts, their resilience, and commitment during this pivotal time. Their dedication continues to drive our progress and position us for long-term success. With that, let me turn it over to Jeremy to provide more color on our operational and commercial performance.

Speaker Change: We continue to expect those tariffs will be stickier than the broader tariff programs that have continued to evolve.

Their dedication continues to drive our progress and position us for long term success.

Further we expect higher section. 232 tariffs will support an increase in steel production within the United States. And this presents a tremendous opportunity for graphtec.

With that let me turn it over to Jeremy will provide more color on our operational and commercial performance.

Thank you, Tim and good morning, everyone.

Jeremy Halford: Thank you, Tim. Good morning, everyone. I'll begin with an update on safety, which is one of our core values and a non-negotiable priority across our organization. We are pleased to have maintained strong momentum in this area, putting us on track for our best safety performance ever. This positive trend is a direct result of our team's vigilance, accountability, and shared commitment to a culture of safety. As we move through the rest of the year, sustaining and building on this momentum will remain a key focus. While we're proud to be among the top safety performers in the broader manufacturing industry, we are not satisfied. Our ultimate goal is zero injuries. We will continue working relentlessly toward that standard every single day. Let me now turn to the next slide to discuss the commercial environment.

I'll begin with an update on safety, which is one of our core values and a non negotiable priority across our organization.

Speaker Change: Based on the latest statistics from the world's steel Association, nearly 72% of the steel produced in the US, in 2024 was manufactured using the electric Arc, furnace seal making approach.

Speaker Change: An increase of approximately 350 basis, points compared to 2023.

We are pleased to have maintained strong momentum in this area, putting us on track for our best safety performance ever.

Speaker Change: And as we'll discuss later in our comments, we expect this positive mix shift will continue.

Jeremy Halford: While we're proud to be among the top safety performers in the broader manufacturing industry, we are not satisfied. Our ultimate goal is zero injuries, and we will continue working relentlessly toward that standard every single day.

This positive trend is a direct result of our team's vigilance accountability and shared commitment to a culture of safety.

As we move through the rest of the year sustaining and building on this momentum will remain a key focus.

Speaker Change: Given our strong momentum in this key region combined with an increase increased tariffs, impacting certain foreign graphite electrode, competitors. We are well positioned to compete for incremental demand from our us customers

Jeremy Halford: Let me now turn to the next slide to discuss the commercial environment. On a global basis, steel production outside of China was approximately 210 million tons in the second quarter of 2025, which was down 1% compared to the second quarter of last year. This resulted in a global utilization rate for the second quarter of approximately 67%. Looking at some of our key commercial regions using data published by the World Steel Association earlier this week. In North America, steel production was down 1% year-to-date compared to the prior year. Specific to the U.S., World Steel reported that production grew 1% year-to-date through June.

While we are proud to be among the top safety performance in the broader manufacturing industry, where.

Not satisfied.

Our ultimate goal is zero injuries, and we will continue working relentlessly towards that standard every single day.

Overall given the fluid nature of global trade policy. We are continually assessing the range of potential tariff, outcomes and taking proactive measures that seek to address the following minimizing. The risk for graph Tech.

Let me now turn to the next slide to discuss the commercial environment.

Speaker Change: Capitalizing on emerging opportunities, and promoting fair trade in our key regions.

On a global basis steel production outside of China was approximately 210 million tons in the second quarter of 2025.

Above all our Focus remains on meeting the needs of our customers, and we are confident in our ability to do so.

Jeremy Halford: On a global basis, steel production outside of China was approximately 210 million tonnes in Q2 2025, which was down 1% compared to Q2 of last year. This resulted in a global utilization rate for Q2 of approximately 67%. Looking at some of our key commercial regions using data published by World Steel Association earlier this week. For North America, steel production was down 1% year-to-date compared to the prior year. Specific to the US, World Steel reported that production grew 1% year-to-date through June. For the balance of the year, reflecting the impact of US tariffs on the level of steel imports, we expect further growth in this region on a full-year basis. In the EU, steel output decreased 3% year-to-date compared to the same period in 2024 and remains well below historical levels of steel production and utilization for that region.

Which was down 1% compared to the second quarter of last year.

Speaker Change: Taking a step back regarding our second quarter performance. We're pleased that our efforts across all of the areas that have discussed, are beginning to translate into improved, bottom line performance.

This resulted in a global utilization rate for the second quarter of approximately 67%.

Speaker Change: This reflects signs of progress and momentum towards our objective of accelerating our path. Back to normalized levels of profitability.

Looking at some of our key commercial regions using data published by World Steel Association earlier this week.

Jeremy Halford: For the balance of the year, reflecting the impact of U.S. tariffs on the level of steel imports, we expect further growth in this region on a full year basis. In the EU, steel output decreased 3% year-to-date compared to the same period in 2024 and remains well below historical levels of steel production and utilization for that reason.

The North America steel production was down 1% year to date compared to the prior year.

Speaker Change: To that end. I want to sincerely, thank our entire team, around the world for the remarkable efforts, the resilience and commitment during this pivotal time.

Speaker Change: Their dedication continues to drive our progress and position us for long-term success.

Specific to the U S World Steel reported that production grew 1% year to date through June.

Speaker Change: With that, let me turn it over to Jeremy to provide more color, on our operational and Commercial performance.

For the balance of the year, reflecting the impact of U S. U S tariffs on the level of steel imports. We expect further growth in this region on a full year basis.

Thank you, Tim and good morning everyone.

Jeremy Halford: With that background, let's turn to the next slide for more details on our results. Starting with our operations, our production volume in the second quarter was approximately 29,000 metric tons. This resulted in the capacity utilization rate of 65%, representing our highest utilization rate since the 3rd quarter of 2022. In addition, our teams continue to do extraordinary work in identifying and executing cost reduction opportunities across various components of our cost structure. While Rory will share details on the numbers, let me highlight a few examples. We continue to leverage our decades of research and development and innovation to bring down usage rates and find alternatives for certain raw materials without compromising the quality of our products.

In the EU steel output decreased 3% year to date compared to the same period in 2024 and remains well below historical levels of steel production and utilization for that region.

I'll begin with an update on safety, which is 1 of our core values and a non-negotiable priority across our organization,

Speaker Change: We are pleased to have maintained strong momentum in this area. Putting us on track for our best safety performance ever.

With that background, let's turn to the next slide for more details on our results.

Jeremy Halford: With that background, let's turn to the next slide for more details on our results. Starting with our operations, our production volume in Q2 was approximately 29,000 metric tons. This resulted in a capacity utilization rate of 65%, representing our highest utilization rate since Q3 2022. In addition, our teams continue to do extraordinary work in identifying and executing cost reduction opportunities across various components of our cost structure. While Rory will share details on the numbers, let me highlight a few examples. We continue to leverage our decades of research and development and innovation to bring down usage rates and find alternatives for certain raw materials without compromising the quality of our products. We're also capitalizing on our recent technology investments to reduce our overall energy consumption while simultaneously benefiting from optimized production scheduling to take advantage of reduced electricity pricing during off-peak hours.

This positive trend is a direct result of our team's vigilance accountability and shared commitment to a culture of safety.

Starting with our operations our production volume in the second quarter was approximately 29000 metric tons.

Speaker Change: As we move through the rest of the year sustaining and building on this momentum will remain a key Focus.

This resulted in the capacity utilization rate of 65%, representing our highest utilization rate since the third quarter of 2022.

Speaker Change: We're proud to be among the top safety performers in. The broader manufacturing industry. We are not satisfied.

In addition, our teams continue to do extraordinary work in identifying and executing cost reduction opportunities across various components of our cost structure.

Speaker Change: Our ultimate goal is zero injuries and we will continue working relentlessly toward that standard every single day. Let me now turn to the next slide to discuss the commercial environment.

Yeah.

While Laurie will share details on the numbers, let me highlight a few examples.

Jeremy Halford: We're also capitalizing on our recent technology investments to reduce our overall energy consumption, while simultaneously benefiting from optimized production scheduling to take advantage of reduced electricity pricing during off-peak hours. We've also made tremendous progress in executing our procurement strategy. Diversifying our supplier base to further reduce raw material costs. And finally, our cost structure continues to benefit from our actions to lower fixed costs. And these reductions are further amplified by the improved fixed cost leverage that comes with the increased production volume. Importantly, all of this is being accomplished without compromising our product quality and reliability, nor our commitment to the environment or to safety.

Speaker Change: On a global basis steel production. Outside of China was approximately 210 million tons in the second quarter of 2025, which was down 1% compared to the second quarter of last year.

We continue to leverage our decades of research and development and innovation to bring down usage rates and find alternatives for certain raw materials without compromising the quality of our products.

Speaker Change: This resulted in a global utilization rate for the second quarter of approximately 67%.

We're also capitalizing on our recent technology investments to reduce overall energy consumption, while simultaneously benefiting from optimized production scheduling to take advantage of reduced electricity pricing during off peak hours.

Speaker Change: looking at some of our key commercial regions using data published by World steel Association earlier this week,

Speaker Change: For North America steel production was down 1% year to date compared to the prior year.

Speaker Change: Specific to the US World, steel reported that production grew 1% year to date through June.

We've also made tremendous progress in executing our procurement strategy.

Jeremy Halford: We've also made tremendous progress in executing our procurement strategy, diversifying our supplier base to further reduce raw material costs. Finally, our cost structure continues to benefit from our actions to lower fixed costs, and these reductions are further amplified by the improved fixed cost leverage that comes with the increased production volumes. Importantly, all of this is being accomplished without compromising our product quality and reliability, nor our commitment to the environment or to safety. Turning to our commercial performance. In Q2, our sales volume was approximately 29,000 metric tons. As Tim noted, this was a 12% year-over-year increase and represented our highest sales volume performance in 11 quarters. Of particular note is our success in actively shifting a significant portion of our volume to the US, as we have discussed. Year-to-date, we've grown sales volume in this region by 32% compared to last year.

Diversifying our supplier base to further reduced raw material costs.

Speaker Change: For the balance of the Year, reflecting the impact of us us tariffs on the level of Steel Imports. We expect further growth in this region on a full year basis.

And finally, our cost structure continues to benefit from our actions to lower fixed costs.

And these reductions are further amplified by the improved fixed cost leverage that comes with the increased production volumes.

Jeremy Halford: Turning to our commercial performance. In the second quarter, our sales volume was approximately 29,000 metrics. As Tim noted, this was a 12% year-over-year increase and represented our highest sales volume performance in 11 quarters. A particular note is our success in actively shifting a significant portion of our volume to the U.S. as we have discussed. Year-to-date, we've grown sales volume in this region by 32% compared to last year. This is an especially impressive result, given that year-to-date steel production in the U.S. is up just 1%, as I mentioned earlier. Our average selling price for the second quarter was approximately $4,200 per metric ton, which represented a 12% year-over-year decline.

In the EU steel output decreased 3% year to date, compared to the same period in 2024 and remains well below historical levels of steel production and utilization for that region.

Importantly, all of this is being accomplished without compromising our product quality and reliability, nor our commitment to the environment or to safety.

Speaker Change: With that background. Let's turn to the next slide for more details on our results.

Turning to our commercial performance.

Speaker Change: Starting with our operations, our production volume in the second quarter was approximately 29,000 metric tons.

In the second quarter, our sales volume was approximately 29000 metric tons.

As Tim noted this was a 12% year over year increase and represented our highest sales volume performance in 11 quarters.

Speaker Change: This resulted in the capacity, utilization rate of 65%, representing our highest utilization rate since the third quarter of 2022.

A particular note is our success and actively shifting a significant portion of our volume to the U S. As we have discussed.

Speaker Change: In addition, our teams continue to do extraordinary work in identifying and executing cost reduction opportunities across various components of our cost structure.

Year to date, we've grown sales volume in this region by 32% compared to last year.

Speaker Change: While Rory will share details on the numbers. Let me highlight a few examples.

This is especially impressive result, given that year to date steel production in the U S is up just 1% as I mentioned earlier.

Jeremy Halford: This is an especially impressive result given that year-to-date steel production in the US is up just 1%, as I mentioned earlier. Our average selling price for Q2 was approximately $4,200 per metric ton, which represented a 12% year-over-year decline. This decrease was largely driven by the substantial completion in 2024 of the higher priced LTAs, as well as persistent challenges with industry-wide pricing that we have discussed. Our focus remains on mitigating these impacts in the near term, including the previously mentioned geographic mix shift towards the US. Similar to all regions, average pricing in the US is below year-ago levels, but it remains our strongest region for graphite electrode pricing.

Jeremy Halford: This decrease was largely driven by the substantial completion in 2024 of the higher-priced LTAs, as well as persistent challenges with industry-wide pricing that we have discussed. Our focus remains on mitigating these impacts in the near term, including the previously mentioned geographic mix shifts toward the U.S. Similar to all regions, average pricing in the U.S. is below year-ago levels, but it remains our strongest region for graphite electrode pricing. In fact, we estimate that the higher mix of U.S. volume boosted our weighted average selling price for the second quarter by approximately $80 per metric ton and by $110 per metric ton on a year-to-date basis.

Our average selling price for the second quarter was approximately $4200 per metric ton, which represented a 12% year over year decline.

Rory O'Donnell: We continue to leverage our Decades of research and development and Innovation to bring down, usage rates and find alternatives for certain raw materials without compromising the quality of our products.

This decrease was largely driven by the substantial completion in 2024 of the higher priced lta's as was as well as persistent challenges with industry wide pricing that we have discussed.

Rory O'Donnell: We're also capitalizing on our recent technology Investments to reduce our overall energy consumption. While simultaneously benefiting from optimized production scheduling to take advantage of reduced electricity pricing during off peak hours.

Rory O'Donnell: We've also made tremendous progress in executing our procurement strategy.

Our focus remains on mitigating these impacts in the near term.

Rory O'Donnell: Diversifying our supplier base to further, reduce raw material costs.

Including the previously mentioned geographic mix shift towards the U S.

Similar to all regions average pricing in the U S is below year ago levels, but it remains our strongest region for graphite electrode pricing.

And finally, our cost structure continues to benefit from our actions to lower fixed costs.

Rory O'Donnell: And these reductions are further Amplified by the improved fixed cost, leverage that comes with the increased production volumes.

Jeremy Halford: As a result, when comparing our second quarter weighted average price of $4,200 per metric ton to the more comparable non-LTA price of $3,900 per metric ton that we reported for the fourth quarter of last year, we saw an increase of nearly 8%, as Tim referenced earlier. Further, our weighted average price for the second quarter represented a 2% sequential increase over the first quarter of this year. Overall, our commercial momentum, despite a muted demand environment, underscores the success of our customer engagement strategy and the compelling value we deliver to our customers. As we have noted, our value proposition is built on a number of key pillars, including unmatched technical capabilities related to our architect furnace productivity system and local class customer services team.

In fact, we estimate that the higher mix of U S volume boosted our weighted average selling price for the second quarter by approximately $80 per metric ton.

Jeremy Halford: In fact, we estimate that the higher mix of US volume boosted our weighted average selling price for Q2 by approximately $80 per metric ton and by $110 per metric ton on a year-to-date basis. As a result, when comparing our Q2 weighted average price of $4,200 per metric ton to the more comparable non-LTA price of $3,900 per metric ton that we reported for Q4 of last year, we saw an increase of nearly 8%, as Tim referenced earlier. Our weighted average price for Q2 represented a 2% sequential increase over Q1 of this year. Our commercial momentum, despite a muted demand environment, underscores the success of our customer engagement strategy and the compelling value we deliver to our customers.

Rory O'Donnell: Importantly, all of this is being accomplished without compromising our product quality and reliability, nor our commitment to, to the environment, or to safety.

And by $110 per metric ton on a year to date basis.

Rory O'Donnell: Turning to our commercial performance.

As a result, when comparing our second quarter weighted average price of $4200 per metric ton to.

Rory O'Donnell: In the second quarter, our sales volume was approximately 29,000 metric. Tons

So the more comparable non LTA price of $3900 per metric ton that we reported for the fourth quarter of last year, we saw an increase of nearly 8% as Tim referenced earlier.

Rory O'Donnell: As Tim noted, this was a 12% year-over-year increase and represented our highest sales volume performance in 11 quarts.

Further our weighted average price for the second quarter represented a 2% sequential increase over the first quarter of this year.

Speaker Change: A particular note is our success in actively shifting. A significant portion of our volume to the us as we have discussed.

Speaker Change: Year to date, we've grown sales volume in this region by 32% compared to last year.

Overall, our commercial momentum despite a muted demand environment underscores the success of our customer engagement strategy and the compelling value we deliver to our customers.

This is an especially impressive result given that year-to-date steel production in the US is up just 1%. As I mentioned earlier,

Jeremy Halford: Ongoing investments in research and development which continue to expand GrafTech's leading position in graphite electrode and petroleum needle coke technology. Our unique vertical integration into NeedleCoke, providing surety of supply for our key raw material. and further supply reliability enabled by our integrated and flexible global production footprints, an increasingly critical advantage amid evolving global trade policy. Ultimately, we're committed to building and strengthening long-term customer relationships, focused on delivering mutual value and shared success for years to come.

As we have noted our value proposition is built on a number of key pillars, including.

Jeremy Halford: As we have noted, our value proposition is built on a number of key pillars, including unmatched technical capabilities related to our ArchiTech Furnace Productivity System and world-class customer technical services team. Ongoing investments in research and development, which continue to expand GrafTech's leading position in graphite electrode and petroleum needle coke technology. Our unique vertical integration into needle coke, providing surety of supply for our key raw material. Further supply reliability enabled by our integrated and flexible global production footprint, an increasingly critical advantage amid evolving global trade policies. Ultimately, we're committed to building and strengthening long-term customer relationships, focused on delivering mutual value and shared success for years to come.

Speaker Change: our average selling price for the second quarter was approximately 4,200 per metric ton, which represented a 12% year-over-year decline,

Unmatched technical capabilities related to our architect furnace productivity system and World class customer services team.

Ongoing investments in research and development, which continue to expand graph <unk>, leading position in graphite electrode and petroleum needle Coke technology.

this decrease was largely driven by the substantial completion in 2024 of the higher priced ltas as was, as well as persistent challenges with industrywide pricing that we have discussed

Our unique vertical integration into needle coke, providing surety of supply for our key raw material.

Speaker Change: Our Focus remains on mitigating. These impacts in the near term, including the previously mentioned, Geographic mix shift toward the US,

And further supply reliability enabled by our integrated and flexible global production footprint and increasingly critical advantage and meet evolving global trade policies.

Speaker Change: similar to all regions average pricing in the US is below a year ago levels but it remains our strongest region for graphite electrode, pricing.

Jeremy Halford: As I conclude my comments, let me take a moment to note that the continued progress and momentum we are seeing across our business is a testament to the hard work and attention to detail of our more than 1,000 global employees, and I want to personally thank them for their efforts.

Ultimately, we're committed to building and strengthening long term customer relationships focused on delivering mutual value and shared success for years to come.

Speaker Change: In fact, we estimate that the higher mix of us volume boosted. Our weighted average selling price for the second quarter by approximately $80 per metric ton.

And by $110 per metric ton on a year-to-date basis.

As I conclude my comments, let me take a moment to note that the continued progress and momentum we're seeing across our business is an estimate to the hard work and attention to detail of our more than 1000 global employees.

Rory O'Donnell: With that, I'll now turn it over to Rory to cover the rest of our financial details. Thank you, Jeremy, and good morning, everyone. For the second quarter, we had a net loss of $87 million, or $0.34 per share. This included a $43 million non-cash income tax charge in the second quarter to establish a valuation allowance against certain deferred tax assets. We recorded this valuation allowance based on historical operating results, but to be clear, this does not reflect a change in our future projections regarding taxable income as our confidence in recovering to normalized levels of profitability in the coming years remains intact.

And I want to personally thank them for their efforts.

That I will now turn it over to Rory to cover the rest of our financial details.

Time to the more comparable nonla price of 3,900 per metric ton that we reported for the fourth quarter of last year, we saw an increase of nearly 8% as Tim referenced earlier.

Thank you Jeremy and good morning, everyone.

Rory O'Donnell: Thank you, Jeremy. Good morning, everyone. For Q2, we had a net loss of $87 million, or $0.34 per share. This included a $43 million non-cash income tax charge in Q2 to establish a valuation allowance against certain deferred tax assets. We recorded this valuation allowance based on historical operating results. To be clear, this does not reflect a change in our future projections regarding taxable income as our confidence in recovering to normalized levels of profitability in the coming years remains intact. For Q2, adjusted EBITDA was $3 million. This compares to $14 million of adjusted EBITDA in Q2 of 2024, which included a $9 million benefit in connection with the favorable outcome of an arbitration.

For the second quarter, we had a net loss of $87 million or <unk> 34 per share.

Speaker Change: Further our weighted average price for the second quarter represented, a 2% sequential increase over the first quarter of this year.

This included a $43 million noncash income tax charge in the second quarter to establish a valuation allowance against certain deferred tax assets.

Speaker Change: Overall our commercial momentum, despite a muted demand environment underscores, the success of our customer engagement strategy, and the compelling value, we deliver to our customers.

We recorded this valuation allowance based on historical operating results, but to be clear. This does not reflect a change in our future projections regarding taxable income as our confidence in recovering to normalized levels of profitability in the coming years remains intact.

Rory O'Donnell: For the second quarter, adjusted EBITDA was $3 million. This compares to $14 million of adjusted EBITDA in the second quarter of 2024, which included a $9 million benefit in connection with the favorable outcome of an arbitration. The remaining year-over-year decline was modest and reflected the lower average selling price. mostly offset by a 13% reduction in cash costs on a per metric ton basis.

Speaker Change: As we have noted, our value proposition is built on a number of key pillars. Including

Speaker Change: Unmatched, technical capabilities related to our architect furnace productivity system and world-class customer Technical Services team.

For the second quarter, adjusted EBITDA was $3 million.

This compares to $14 million of adjusted EBITDA in the second quarter of 2024, which included a $9 million benefit in connection with the favorable outcome of an arbitration.

Speaker Change: Ongoing investments in research and development which continued to expand graph Tech leading position in graphite electrode and petroleum needle, Coke technology.

Rory O'Donnell: Expanding on the cost favorability. We continue to outperform our expectations in this area and are increasing our full year cost savings guide. We now anticipate a 7% to 9% year-over-year decline in our cash cogs per metric ton for 2025 on a full-year basis. compared to our previous guidance of a mid-single-digit percent decline. Using the midpoint of the updated guidance range, this would translate into cash cogs per metric ton of approximately $3,950 for the full year. While this is above our year-to-date run rate, as we have noted previously, we will have periodic quarter-to-quarter fluctuations in our cash cost recognition as a result of timing them.

Speaker Change: Our unique vertical integration into needle Coke providing shity of supply for our key raw material.

The remaining year over year decline was modest and reflected the lower average selling prices.

Rory O'Donnell: The remaining year-over-year decline was modest and reflected the lower average selling prices, mostly offset by a 13% reduction in cash costs on a per metric ton basis. Expanding on the cost favorability, we continue to outperform our expectations in this area and are increasing our full year cost savings guidance. We now anticipate a 7% to 9% year-over-year decline in our cash COGS per metric ton for 2025 on a full year basis, compared to our previous guidance of a mid-single digit percent decline. Using the midpoint of the updated guidance range, this would translate into cash COGS per metric ton of approximately $3,950 for the full year. While this is above our year-to-date run rate, as we have noted previously, we will have periodic quarter-to-quarter fluctuations in our cash cost recognition as a result of timing impacts.

Mostly offset by a 13% reduction in cash costs on a per metric ton basis.

And further Supply reliability enabled by our integrated and flexible Global Production footprint and increasingly critical Advantage amid evolving global trade policies.

Expanding on the cost favorability.

We continue to outperform our expectations in this area and are increasing our full year cost savings guidance.

Speaker Change: Ultimately we're committed to building and strengthening long-term customer relationships.

Focused on delivering Mutual value and shared success for years to come.

We now anticipate a 7% to 9% year over year decline in our cash Cogs per metric ton for 2025 on a full year basis compared to our previous guidance of a mid single digit percent decline.

As I conclude my comments, let me take a moment to note that the continued progress and momentum we are seeing across our business is an estimate to the hard work and attention to detail of our more than 1,000 Global employees.

Using the midpoint of the updated guidance range. This would translate into cash cogs per metric ton of approximately $3950 for the full year.

And I want to personally thank them for their efforts.

Rory O'Donnell: However, we are pleased to be outperforming our initial expectations for the year and that our cost structure continues to trend in the right direction.

Speaker Change: That I'll now turn it over to Rory, to cover the rest of our financial details.

Thank you, Jeremy and good morning everyone.

While this is above our year to date run rate as we have noted previously we will have periodic quarter to quarter fluctuations in our cash cost recognition as a result of timing impacts.

Rory O'Donnell: Turning to cash flow, for the second quarter, cash used in operating activities was $53 million, while adjusted free cash flow was also a use of $53 million. This reflected $39 million of cash interest in the second quarter, including $34 million of semi-annual interest payments on the company's notes, which drive quarter-to-quarter fluctuations in our cash flow performance. For the second quarter, the year-over-year impact of changes in working capital was relatively new. However, taking a step back, we had a $45 million build in our net working capital level through the first six months of the year, most notably driven by inventory, as year-to-date production has exceeded sales volume.

Rory O'Donnell: For the second quarter, we had a net loss of 87 million or 34 cents per share.

However, we are pleased to be outperforming our initial expectations for the year and that our cost structure continues to trend in the right direction.

Rory O'Donnell: However, we are pleased to be outperforming our initial expectations for the year and that our cost structure continues to trend in the right direction. Turning to cash flow. For Q2, cash used in operating activities was $53 million, while adjusted free cash flow was also a use of $53 million. This reflected $39 million of cash interest in Q2, including $34 million of semiannual interest payments on the company's notes, which drive quarter-to-quarter fluctuations in our cash flow performance. For Q2, the year-over-year impact of changes in working capital was relatively neutral. However, taking a step back, we had a $45 million build in our net working capital level through the first 6 months of the year, most notably driven by inventory, as year-to-date production has exceeded sales volumes. This was planned and is timing related.

This included a 43 million, non-cash income tax charge in the second quarter to establish a valuation allowance against certain deferred tax assets.

Turning to cash flow for the second quarter cash used in operating activities was $53 million, while adjusted free cash flow was also a use of $53 million.

This reflected $39 million of cash interest in the second quarter, including $34 million of semi annual interest payments on the company's notes, which drive quarter to quarter fluctuations in our cash flow performance.

We recorded this valuation allowance based on historical operating results. But to be clear, this does not reflect a change in our future projections regarding taxable income as our confidence in recovering, the normalized levels of profitability in the coming years remains intact.

For the second quarter, adjusted Evo is $3 million.

For the second quarter the year over year impact of changes in working capital was relatively neutral.

This compares to 14 million of adjusted Ava in the second quarter of 2024, which included a 900 million benefit in connection with the favorable outcome of an arbitration.

Rory O'Donnell: This was planned and is timing related. As we have previously noted, we plan to build inventory in the first half of the year, reflecting one of our cost savings initiatives, which is to level load our production for the On a full year basis, our expectation remains to balance production and sales volume. Further, we continue to expect working capital will be favorable to our cash flow performance for the full year of 2025. This will be realized through a combination of production cost improvements and inventory management, while maintaining adequate safety stock of pins and electrodes. Overall, we are tracking ahead of our initial cash flow projections for 2025 and encouraged by our momentum in this area as we enter the back half of the year.

However, taking a step back we had a $45 million build in our networking capital levels through the first six months of the year, most notably driven by inventory as year to date production has exceeded sales volumes.

Rory O'Donnell: The remaining year-over-year, decline was modest and reflected the lower average selling prices mostly offset by a 13% reduction in cash costs on a per metric ton basis.

Rory O'Donnell: Expanding on the cost favorability.

This was planned and is timing related.

As we have previously noted we plan to build inventory in the first half of the year, reflecting one of our cost savings initiatives, which is to level load our production for the year.

Rory O'Donnell: we continue to outperform our expectations in this area and are increasing our full year cost-savings guidance

Rory O'Donnell: As we have previously noted, we plan to build inventory in H1 of the year, reflecting one of our cost savings initiatives, which is to level load our production for the year. On a full year basis, our expectation remains to balance production and sales volume levels. We continue to expect working capital will be favorable to our cash flow performance for the full year of 2025. This will be realized through a combination of production cost improvements and inventory management while maintaining adequate safety stock of pins and electrodes. Overall, we are tracking ahead of our initial cash flow projections for 2025 and encouraged by our momentum in this area as we enter H2 of the year. Turning to the next slide and expanding on this point.

On a full year basis, our expectation remains to balance production and sales volume levels.

Rory O'Donnell: We now anticipate a 7 to 9% year-over-year decline in our cache cogs per metric ton for 2025 on a full year basis compared to our previous guidance of a mid single-digit percent decline.

Further we continue to expect working capital will be favorable to our cash flow performance for the full year of 2025.

Using the midpoint of the updated guidance range, this would translate into Cash cogs per metric ton of approximately 3,950 for the full year.

This will be realized through a combination of production cost improvements and inventory management, while maintaining adequate safety stock of pins on electrodes.

Rory O'Donnell: Turning to the next slide and expanding on it. We ended the second quarter with total liquidity of $367 million, consisting of $159 million of cash, $108 million of availability under our revolving credit facility, and $100 million of availability under our delayed draw term. As a reminder, this untapped portion of our delayed draw term loan is available to be drawn until July of 2026, and our expectation remains that we will draw on this residual portion prior to its expiration. As it relates to our $225 million revolving credit facility, which matures in November of 2028, we had no borrowings outstanding as of the end of the quarter.

Overall, we are tracking ahead of our initial cash flow projections for 2025 and encouraged by our momentum in this area as we enter the back half of the year.

Rory O'Donnell: While this is above our year-to-date run rate. As we have noted previously, we will have periodic quarter to quarter fluctuations in our cash cost recognition as a result of timing impacts.

Turning to the next slide and expanding on this point.

Rory O'Donnell: However, we are pleased to be outperforming our initial expectations for the year and that our cost structure continues to Trend in the right direction.

We ended the second quarter with total liquidity of $367 million.

Rory O'Donnell: We ended Q2 with total liquidity of $367 million, consisting of $159 million of cash, $108 million of availability under our revolving credit facility, and $100 million of availability under our delayed draw term loan. As a reminder, this untapped portion of our delayed draw term loan is available to be drawn until July of 2026, and our expectation remains that we will draw on this residual portion prior to its expiration. As it relates to our $225 million revolving credit facility, which matures in November of 2028, we had no borrowings outstanding as of the end of the quarter.

Consisting of $159 million of cash $108 million of availability under our revolving credit facility and $100 million of availability under our delayed draw term loan.

Rory O'Donnell: Turning the cash flow for the second quarter cash used in operating activities was 53 million while adjusted free cash flow was also a use of 53 million.

As a reminder, this untapped portion of our delayed draw term loan is available to be drawn until July of 2026, and our expectation remains that we will draw on this residual portion prior to its expiration.

Rory O'Donnell: This reflected 39 million of cash interest in the second quarter, including 34 million of semiannual interest payments on the company's notes which Drive quarter to quarter fluctuations in our cash flow performance.

Rory O'Donnell: However, based on a springing financial covenant that considers our recent financial performance, borrowing availability under the revolver remains limited to approximately $115 million, less currently outstanding letters of credit, which were approximately $7 million, end of the quarter. Overall, our strong liquidity position, along with the absence of substantial debt maturities until December of 2029, will support our ability to manage through near-term, industry-wide challenges, which is consistent with our thesis for our recent capital transact.

Rory O'Donnell: For the second quarter, the year-over-year impact of changes in working capital was relatively neutral.

As it relates to our $225 million revolving credit facility, which matures in November of 2028, we had no borrowings outstanding as of the end of the quarter.

However, based on a springing financial covenant that considers our recent financial performance borrowing availability under the revolver remains limited to approximately $115 million less.

Rory O'Donnell: However, taking a step back, we had a 45 million bill in our networking, Capital level through the first 6 months of the year. Most notably driven by inventory as a year to date production has exceeded sales volumes.

Rory O'Donnell: However, based on a springing financial covenant that considers our recent financial performance, borrowing availability under the revolver remains limited to approximately $115 million, less currently outstanding letters of credit, which were approximately $7 million at the end of the quarter. Overall, our strong liquidity position, along with the absence of substantial debt maturities until December 2029, will support our ability to manage through near-term industry-wide challenges, which is consistent with our thesis for our recent capital transactions. Finally, let me conclude by joining Tim and Jeremy in expressing appreciation for the remarkable efforts and dedication of our entire team around the globe. I will now turn the call back to Tim for some final comments on our outlook.

Rory O'Donnell: This was planned and is timing related.

Outstanding letters of credit, which were approximately $7 million.

Rory O'Donnell: As we have previously noted, we plan to build inventory in the first half of the Year, reflecting 1 of our cost savings initiatives, which is to level load our production for the year.

End of the quarter.

Overall, our strong liquidity position along with the absence of substantial debt maturities until December of 2029 will support our ability to manage through near term industry wide challenges, which is consistent with our thesis for our recent capital transactions.

Rory O'Donnell: Finally, let me conclude by joining Tim and Jeremy in expressing appreciation for the remarkable efforts and dedication of our entire team around the globe.

Further, we continue to expect working capital will be favorable to our cash flow performance for the full year of 2025.

Timothy Flanagan: I will now turn the call back to Tim for some final comments on our output. Thanks, Rory. To summarize our comments, we've laid out a clear, disciplined plan to navigate the near-term industry headwinds, and we're executing against that plan. Our objectives are to increase sales volume, regain market share, increase our average price, reduce costs. Lower our working capital and strengthen our financial foundation. We are making meaningful progress across all of these areas. Our recent achievements reflect our unwavering focus on the factors within our control, allowing us to preserve flexibility and remain well-positioned to capitalize on a future market recovery.

Finally, let me conclude by joining Tim and Jeremy in expressing appreciation for their remarkable efforts and dedication of our entire team around the globe.

This will be realized through a combination of production cost improvements and inventory management while maintaining adequate Safety stock of pins and electrodes.

I will now turn the call back to Tim for some final comments on our outlook.

Rory O'Donnell: Overall, we are tracking ahead of our initial cash flow projections for 2025 and encouraged by our momentum, in the area. As we enter the back half of the year.

Thanks Rory.

Rory O'Donnell: Turning to the next slide and expanding on this point.

To summarize our comments, we've laid out a clear disciplined plan to navigate the near term industry headwinds and we're executing against that plan.

Tim Flanagan: Thanks, Rory. To summarize our comments, we've laid out a clear, disciplined plan to navigate the near-term industry headwinds, and we're executing against that plan. Our objectives are to increase sales volume, regain market share, increase our average price, reduce costs, lower our working capital, and strengthen our financial foundation. We are making meaningful progress across all of these areas. Our recent achievements reflect our unwavering focus on the factors within our control, allowing us to preserve flexibility and remain well-positioned to capitalize on a future market recovery. To this last point, we remain bullish on the structural tailwinds that will support the ongoing shift towards electric arc furnace steel making. Globally, based on data recently published by the World Steel Association, the EAF method of steel making further increased its market share this past year, accounting for 51% of steel production outside of China in 2024.

Our objectives are to increase sales volume regain market share.

<unk>, our average price reduce costs.

Lower working capital and strengthen our financial Foundation we.

Rory O'Donnell: We ended the second quarter with total liquidity of 367 million, consisting of 159 million of cash, 108 million of availability under our revolving credit facility and 100 million of availability under our delayed draw Term Loan.

Timothy Flanagan: To this last point, we remain bullish on the structural tailwinds that will support the ongoing shift towards electric arc furnace steelmaking. Globally, based on data recently published by the World Steel Association, the EAF method of steelmaking further increased its market share this past year, accounting for 51% of steel production outside of China in 2024. This is a continuation of the steady share growth that the EAF industry has experienced for a number of years. and driven by decarbonization efforts, we expect this trend to continue. In the U.S., which produces approximately 80 million tons of steel annually, over 20 million tons of new AEF capacity has either recently come online or is planned for the coming year, with further announcements expected as we move ahead.

We're making meaningful progress across all of these areas.

Our recent achievements reflect our unwavering focus on the factors within our control, allowing us to preserve flexibility and remain well positioned to capitalize on a future market recovery.

Rory O'Donnell: As a reminder, this untapped portion of our delayed draw Term, Loan is available to be drawn until July of 2026 and our expectation remains that we will draw on this residual portion prior to its expiration.

To this last point, we remain bullish on the structural tailwind that will support the ongoing shift towards electric arc furnace steelmaking glue.

Rory O'Donnell: As it relates to our 225 million revolving credit facility, which matures in the November of 2028, we had no borrowings outstanding as of the end of the quarter.

Globally based on any data based on data recently published by the World Steel Association. The Eas method of steelmaking further increased its market share of this past year accounting for 51% of steel production outside of China in 2024.

This is a continuation of the steady share growth at the <unk> industry has experienced for a number of years.

Rory O'Donnell: However, based on a springing Financial Covenant that considers our recent financial performance borrowing, availability under the revolver, remains limited to approximately 115 million less currently outstanding letters of credit, which were approximately 7 million end of the quarter.

Tim Flanagan: This is a continuation of the steady share growth that the EAF industry has experienced for a number of years. Driven by decarbonization efforts, we expect this trend to continue. In the US, which produces approximately 80 million tons of steel annually, over 20 million tons of new EAF capacity has either recently come online or is planned for the coming year, with further announcements expected as we move ahead. Given our strong commercial momentum in the US and our focus on meeting the evolving needs of our customers, we are well-positioned to capitalize on this demand growth. In the EU, as Jeremy noted, steel production remains below historical levels. However, we continue to see signs that point towards potential recovery in the near to medium term.

And driven by de Carbonization efforts, we expect this trend to continue.

Timothy Flanagan: Given our strong commercial momentum in the U.S. and our focus on meeting the evolving needs of our customers, we are well positioned to capitalize on this demand. In the EU, as Jeremy noted, steel production remains below historical levels. However, we continue to see signs that point towards potential recovery in the near to medium term. As we've spoken to previously, these include actions being taken by the EU Commission to create a policy backdrop that is more supportive for the EU steel industry, as well as announced initiatives regarding investments in infrastructure and defense spending that should significantly boost steel demand in Europe in the coming years.

In the U S, which produces approximately 80 million tonnes of steel annually over 20 million tons of new <unk> capacity is either recently come online or is planned for the coming year with further announcements expected as we move ahead.

Overall our strong liquidity position along with the absence of substantial debt maturities until December of 2029 will support our ability to manage through near-term industrywide challenges, which is consistent with our thesis for our recent Capital transactions.

Given our strong commercial momentum in the U S and our focus on meeting the needs evolving needs of our customers, we are well positioned to capitalize on this demand growth.

Finally, let me conclude by joining Tim and Jeremy in expressing appreciation, for the remarkable efforts and dedication of our entire team around the globe.

Rory O'Donnell: I will now turn the call back to Tim for some final comments on our Outlook.

Thanks Rory.

In the EU as Jeremy noted steel production remains below historical levels. However, we continue to see signs that point towards potential recovery in the near to medium term.

Tim Flanagan: To summarize our comments, we've laid out a clear disciplined plan to navigate the near-term industry headwinds and we're executing against that plan.

Our objectives are to increase sales volume regain market share.

As we've spoken to previously these include actions being taken by the EU Commission to create a policy backdrop that is more supportive for the EU steel industry.

Tim Flanagan: As we've spoken to previously, these include actions being taken by the European Commission to create a policy backdrop that is more supportive for the European steel industry, as well as announced initiatives regarding investments in infrastructure and defense spending that should significantly boost steel demand in Europe in the coming years. Specific to EAFs, while some European steelmakers have announced temporary delays in their EAF transition plans, other projects continue to move forward. We continue to expect a meaningful mix shift towards EAF steelmaking within the EU in the medium to longer term. Further, with graphite electrode inventories remaining at low levels in Europe, an increase in European EAF steel production should lead to an outsized increase in graphite electrode demand.

Timothy Flanagan: Specific to EAFs, while some European steelmakers have announced temporary delays in their EAF transition plans, other projects continue to move forward. And we expect and we continue to expect a meaningful makeshift towards EAF's dealmaking within the EU in the medium to longer term. Further, with graphite electrode inventories remaining at low levels in Europe, an increase in European EAF steel production should lead to an outsized increase in graphite electrode demand. Given the expected growth in demand and tariff protections already in place, The EU remains an important strategic region for GrafTech and has been another key aspect of our initiative to actively shift the mix of our sales.

Tim Flanagan: Increase, our average price reduce costs.

Tim Flanagan: Lower our working capital and strengthen our financial Foundation.

As well as announced initiatives regarding investments in the infrastructure and defense spending that should significantly boost steel demand in Europe in the coming years.

We're making meaningful progress across all of these areas.

Specific to Eas, while some European steelmakers have announced temporary delays in your EAA have transition plans.

A recent achievements, reflect our unwavering focus on the factors within our control, allowing us to preserve flexibility and remain. Well, positioned to capitalize on a future Market recovery.

Other projects continue to move forward.

And we expect and we continue to expect a meaningful mix shift towards <unk> steelmaking within the EU in the medium to longer term.

Tim Flanagan: To this last point, we remain bullish on the structural Tailwinds. That will support the ongoing shift towards electric Arc, furnace deal making.

Further with graphite electrode inventories remaining at low levels in Europe and increase in European EAA of steel production should lead to an outsized increase in graphite electrode demand.

Tim Flanagan: Globally, based on any data re Based on data recently, published by the world's deal Association. The EA F method of Steel making further increased, its market share this past year accounting for 51% of steel production. Outside of China in 2024,

Timothy Flanagan: In fact, on a year-to-date basis through June, we increased our sales volume in Western Europe by approximately 27% year-over-year, despite the year-to-date decrease in European steel production that Jeremy referenced. This increase in our European market share positions us well for recovery in this region. More broadly speaking, as it relates to both the EU and beyond, we remain confident that the electric arc furnace will continue to increase their share of total steel production over time, which will drive higher demand for graphite electricity. And with demand for petroleum needle coke, our key raw material, also expected to rise, our vertical integration puts us in an advantaged position.

Given the expected growth in demand and tariff protection is already in place. The EU remains an important strategic region for graphic and has been another key aspect of our initiative to actively shift the mix of our sales volume.

Tim Flanagan: Given the expected growth in demand and tariff protections already in place, the EU remains an important strategic region for GrafTech and has been another key aspect of our initiative to actively shift the mix of our sales volume. In fact, on a year-to-date basis through June, we increased our sales volume in Western Europe by approximately 27% year-over-year, despite the year-to-date decrease in European steel production that Jeremy referenced. This increase in our European market share positions us well for recovery in this region. More broadly speaking, as it relates to both the EU and beyond, we remain confident that the electric arc furnace will continue to increase their share of total steel production over time, which will drive higher demand for graphite electrodes.

Tim Flanagan: this is a continuation of the steady share growth. At the eaf industry has experienced for a number of years.

And driven by decarbonization efforts. We expect this trend to continue.

In fact on a year to date basis through June we increased our sales volume in western Europe by approximately 27% year over year. Despite the year to date decrease in European steel production that Jeremy referenced.

In the US which produces approximately 80 million tons of steel annually over 20 million tons of new EF capacity, has either recently come online or has planned for the coming year with further announcements expected. As we move ahead,

This increase in our European market share positions us well for recovery in this region.

More broadly speaking as it relates to both the EU and beyond we remain confident deal with the electric arc furnace will continue to increase their share of total steel production over time, which will drive higher demand for graphite electrodes.

Given our strong commercial momentum in the us and our focus on meeting the need evolving needs of our customers. We are, well, positioned to capitalize on this demand growth

Timothy Flanagan: The growth of Needlecoke market is expected to primarily occur to support the building of a Western supply chain for electric vehicles and energy storage applications, and we share the market's confidence that this growth will be significant. The establishment of those Western supply chains from raw material manufacturing through to the OEMs remains in its early stages. However, we believe the uncertainty caused by tariffs and the potential for international trade disruptions highlights the strategic importance of the West reducing its reliance on other countries for critical minerals such as graphite and to accelerate the development of domestic supply chains with the support of policy.

Tim Flanagan: In the EU is Jeremy, noted steel production remains below historical levels. However, we continue to see signs that point towards potential recovery in the near to medium-term.

And with demand for petroleum needle Coke, our key raw material also expected to rise our vertical integration puts us in an advantaged position.

Tim Flanagan: With demand for petroleum needle coke, our key raw material, also expected to rise, our vertical integration puts us in an advantaged position. The growth of needle coke market is expected to primarily occur to support the building of a Western supply chain for electric vehicles and energy storage applications. We share the market's confidence that this growth will be significant. The establishment of those Western supply chains from raw material manufacturing through to the OEMs remains in its early stages. We believe the uncertainty caused by tariffs and the potential for international trade disruptions highlights the strategic importance of the West reducing its reliance on other countries for critical minerals such as graphite and to accelerate the development of domestic supply chains with the support of policymaking.

The growth of needle Coke market is expected to primarily occur to support the building of a western supply chain for electric vehicles and energy storage applications and we share the market's confidence that this growth will be significant.

As we've spoken to previously these include actions being taken by the EU commission to create a policy backdrop. That is more supportive for the EU steel industry as well as announced initiatives regarding investments in infrastructure and defense spending that should significantly boost steel demand in Europe in the coming years.

The establishment of those western supply chain from raw material manufacturing through to the Oems remains in its early stages.

Specific to EA while some European steel makers have announced temporary delays in their eaf transition plans.

Tim Flanagan: Other projects continue to move forward.

However, we believe the uncertainty caused by tariffs and the potential for international trade disruptions highlights the strategic important of the west reducing its reliance on other countries for critical minerals, such as graphite and to accelerate the development of domestic supply chains with the support of policymaking.

Timothy Flanagan: At this last point, a week ago, the U.S. Department of Commerce issued a preliminary ruling in a trade case that began late last year regarding graphite active anode material being imported into the U.S. from China. As a result of this ruling, preliminary anti-dumping tariffs of 93.5% have been imposed on anode material imports from China, with the final ruling expected in December. This stacks on top of previously announced tariffs resulting in a combined tariff of 160% on Chinese anode material imported into the U.S. We welcome this important development which, along with recent announcements related to initiatives on sourcing of rare earths, demonstrates strategic intent on part of the U.S.

Tim Flanagan: And we expect and we continue to expect the meaningful mix shift, towards eaf steel making within the EU in the medium to longer term.

Tim Flanagan: Further with graphite electrode. Inventories, remaining at low levels in Europe and increase. In European eaf, steel production should lead to an outsized increase in graphite. Electrodes demand

This last point a week ago, the U S Department of Commerce.

Tim Flanagan: To this last point, a week ago, the U.S. Department of Commerce issued a preliminary ruling in a trade case that began late last year regarding graphite active anode material being imported into the U.S. from China. As a result of this ruling, preliminary anti-dumping tariffs of 93.5% have been imposed on anode material imports from China, with a final ruling expected in December. This stacks on top of previously announced tariffs, resulting in a combined tariff of 160% on Chinese anode material imported into the U.S. We welcome this important development, which, along with recent announcements related to initiatives on sourcing of rare earths, demonstrates strategic intent on part of the U.S. government to foster an ex-China supply chain for critical minerals. While we are closely monitoring these developments, we have also continued to build out our technical capabilities and demonstrate those to key market participants.

Minnery ruling in a trade case that began late last year regarding graphite active anode material being imported into the U S from China.

Tim Flanagan: Given the expected growth in demand and tariff protections already in place. The EU remains an important strategic region for graphtec and has been another key aspect of our initiative to actively shift, the mix of our sales volume.

As a result of this ruling preliminary anti dumping tariffs of 93, 5% have been imposed on anode material imports from China with a final ruling expected in December.

Stacks on top of previously announced tariffs, resulting in a combined tariff of 160% on Chinese anode material imported into the U S.

Timothy Flanagan: government to foster an ex-China supply chain for critical minerals. While we are closely monitoring these developments, we have also continued to build out our technical capabilities and demonstrate those to key market participants. Thanks to these efforts and our deep expertise in needle coat and synthetic graphite, we are confident we are well positioned to be a valuable strategic partner in this space.

In fact, on a year-to-date basis through June, we increased our sales volume in Western Europe by 27% year-over-year. Despite the year-to-date decrease in European steel production that Jeremy referenced

Tim Flanagan: This increase in our European market share positions as well for Recovery in this region.

We welcome this important development, which along with recent announcements related to initiatives on sourcing of rare Earths demonstrate strategic intent I'm part of the U S government to foster an ex China supply chain for critical minerals.

More broadly, speaking as it relates to both the EU and Beyond. We remain confident that the electric Arc furnace will continue to increase their share of total steel production over time, which will drive higher demand for graphite electrodes.

While we are closely monitoring. These developments. We have also continued to build out our technical capabilities and demonstrate those to key market participants.

Timothy Flanagan: In closing, this is a pivotal time for GrafTech. We've made tremendous progress on our strategic initiatives, and that progress gives us confidence. You're in a strong position to benefit from the long term structural trends that are set to shape the future of our industry. As a result, we're energized by the opportunities that lie ahead and remain fully committed to executing our strategy. Delivering value for our customers and driving long-term sustainable growth for our shareholders.

Tim Flanagan: And with demand for petroleum, needle Coke, our key raw material also expected to rise our vertical integration. Puts us in an advantaged position.

Thanks to these efforts and our deep expertise in needle coke and synthetic graphite.

Tim Flanagan: Thanks to these efforts and our deep expertise in needle coke and synthetic graphite, we are confident we are well-positioned to be a valuable strategic partner in this space. In closing, this is a pivotal time for GrafTech. We've made tremendous progress on our strategic initiatives, and that progress gives us confidence. We're in a strong position to benefit from the long-term structural trends that are set to shape the future of our industry. As a result, we're energized by the opportunities that lie ahead and remain fully committed to executing our strategy, delivering value for our customers, and driving long-term sustainable growth for our shareholders. This concludes our prepared remarks. We'll now open the call for questions.

We are confident we are well positioned to be a valuable strategic partner in this space.

In closing this is a pivotal time for graphic we've made tremendous.

The growth of needle Coke Market is expected to primarily occur to support the building of a Western supply chain for electric vehicles and energy storage applications. And we share the Market's confidence that this growth will be significant.

<unk> progress on our strategic initiatives and that progress gives us confidence.

We are in a strong position to benefit from the long term structural trends that are set to shape the future of our industry.

Tim Flanagan: The establishment of the those Western Supply chains from raw material manufacturing through to the oems remains in its early stages.

Timothy Flanagan: This concludes our prepared remarks.

Operator: We'll now open the call for Thank you. Ladies and gentlemen, we will now begin the question and answer session. Could you have a question? Please press the star followed by the 1 on your touchtone phone. Should you wish to cancel your request, please press the star followed by the 2. If you are using a speakerphone, please lift the handset before pressing any keys. Once again, that is star 1.

As a result, we're energized by the opportunities that lie ahead and.

We remain fully committed to executing our strategy.

Delivering value for our customers and driving long term sustainable growth for our shareholders.

Tim Flanagan: With the support of policy-making.

This concludes our prepared remarks, we'll now open the call for questions.

Yeah.

Tim Flanagan: This last point, a week ago, the US Department econ.

Thank you ladies and gentlemen, we will now begin the question and answer session.

Operator: Thank you. Ladies and gentlemen, we will now begin the question and answer session. Our first question is from Bennett Moore from JPMorgan. Your line is now open.

Bennett Moore: Should you wish to ask a question, And our first question is from Bennett Moore from J.P. Morgan. Your line is now open.

You have a question. Please press the star followed by the one I know touched on filings should you wish to cancel your request. Please press the star followed by the two.

Ruling in a trade case that began late last year regarding graphite active. Anode material being imported into the US from China.

You are using a speaker phone please lift the handset before pressing any case once again that is star one should you wish to ask a question.

As a result of this ruling preliminary anti-dumping, tariffs of 93 and a half percent, have been imposed on anode material imports from China with the final ruling expected in December.

Timothy Flanagan: Good morning, Tim, Rory, Jeremy. Thank you for taking my question. It's nice to see the continued share gains in the US. Does it still stand at around 50% for the company's overall exposure? Is there any room to gain further share this year potentially from Indian suppliers? Or is this more of a 2026 contract opportunity? Yeah, Bennett, so I would say U.S. or the Americas as a whole represent a little bit more than 50% of our overall revenue. And certainly, as we continue to look to grow our share, which is up 31% year over year in the U.S., that'll continue to drive that percentage higher as we move out forward.

This stacks, on top of previously announced tariffs resulting in a combined Tariff of 160% on Chinese. Anode material imported into the US.

And our first question is from <unk> <unk> from Jpmorgan. Your line is now open.

Good morning, Tim Murray, Jeremy Thank you for taking my question.

Tim Flanagan: We welcome this important development which along with recent announcements related to initiatives, on sourcing of rare, Earths demonstrate, strategic intent and part of the US government to Foster an exchange of supply chain for critical minerals.

Bennett Moore: Good morning, Tim, Rory, Jeremy. Thank you for taking my question.

It's nice to see the continued share gains in the U S. Does this still stand at around 6% for the company's overall exposure and is there any room to gain further share this year potentially from Indian suppliers or is this more of a 2026 contract opportunity.

Tim Flanagan: Morning, Bennett.

Bennett Moore: It's nice to see the continued share gains in the US. Does this still stand at around 50% for the company's overall exposure? Is there any room to gain further share this year, potentially from Indian suppliers, or is this more of a 2026 contract opportunity?

Tim Flanagan: While we are closely monitoring these developments. We have also continued to build out our technical capabilities and demonstrate those to key Market. Participants

Thanks to these efforts and our deep expertise in Needle, Coke and synthetic graphite. We are confident, we are well positioned to be a valuable strategic partner in this space.

Yes, Ben it so I would say U S or the Americas as a whole represent a little bit more than 50% of our overall revenue and certainly as we continue to look to grow our share.

Tim Flanagan: Yeah, Bennett. I would say US or the Americas as a whole represent a little bit more than 50% of our overall revenue. Certainly as we continue to look to grow our share, which is up 31% year over year in the US, that'll continue to drive that percentage higher as we move out forward. I think as we look at H2, I think we'd expect demand in the US to remain robust, given the tariff landscape and those 232 steel tariffs that are already in place. How it impacts the supply side on electrodes is still yet to be seen as the reciprocal tariffs and all of those kind of work through the system and continue to evolve.

Timothy Flanagan: You know, I think as we look at the back half of the year, you know, I think we'd expect demand in the U.S. to remain robust given the tariff landscape and those 232 steel tariffs that are already in place. How it impacts the supply side on electrodes is still yet to be seen as the reciprocal tariffs and all of those kind of work through the system and continue to evolve. But net net, I think we feel very good about our position, both with what we've done thus far and also how we think about the value proposition and what we offer our customers as we look forward.

Tim Flanagan: In closing, this is a pivotal time for graphtec, we've made tremendous progress on our strategic initiatives and that Pro progress gives us confidence.

Which is up 31% year over year in the U S that.

Tim Flanagan: They're in a strong position to benefit from the long-term structural trends that are set to shape the future of our industry.

That will continue to drive that percentage higher as we move out forward.

Tim Flanagan: As a result, we're energized by the opportunities that lie ahead.

I think as we look at the back half of the year.

Tim Flanagan: And remain fully committed to executing our strategy.

I think we'd expect demand in the U S to remain robust.

Delivering value for our customers and driving long-term sustainable growth for our shareholders.

Even the tariff landscape and those $2 32 steel tariffs that are already in place how.

This concludes our prepared remarks, we'll now open the call for questions.

How it impacts the supply side on electrodes is still yet to be seen as the reciprocal tariffs and all of those kind of work through the system and continue to evolve.

Timothy Flanagan: So look forward to continued growth in.

But net net I think we feel very good about our position both with what we've done thus far.

Timothy Flanagan: Great, thanks for that.

Timothy Flanagan: And then my quick second one here related to the Chinese anti-dumping duties. Do you feel this has potential to lift local needle coat prices and ultimately cost support for US pricing? Or is this kind of a further dated opportunity, just given how immature the Western supply chain still is? Yeah, I mean, I'll start and I'll let Jeremy chime in as well. But I think the way you asked the question kind of answered it in some respects, right? You know, there isn't any anode production of material note within the United States right now. But I think the backdrop of the previous ITC ruling and now the most recent Department of Commerce ruling on the 93.5% really sets a foundation that will allow for more confidence in moving forward with these projects and the development of the supply chains in the West, which, again, I think we feel good about where we sit in terms of a raw material supplier and our technical capabilities, both on the raw materials, but the graphitization as well, which is an important kind of first step to get the supply chains established.

Tim Flanagan: Net-net, I think we feel very good about our position, both with what we've done thus far, and also how we think about the value proposition and what we offer our customers as we look forward. Look forward to continued growth in this market.

And also how we think about the value proposition of what we offer our customers as we look forward. So.

Look forward to continued growth in this market.

Speaker Change: Thank you. Ladies and gentlemen, we will now begin the question and answer session. Could you have a question please press the star followed by the 1 on the touchdown Zone? Should you wish to cancel your request? Please press the star followed by the 2 if you're using a speaker-phone. Please. Lift the handset. Before pressing any Keys once again, that is star 1. Should you wish to ask a question?

Okay.

Great. Thanks for that and then my quick second one here related to the Chinese antidumping duties.

Bennett Moore: Great. Thanks for that. My quick second one here relates to the Chinese anti-dumping duties. Do you feel this has potential to lift local needle coke prices and ultimately cause support for US pricing? Is this kind of a further dated opportunity, just given how immature the Western supply chain still is?

Do you feel this has potential to lift local needle coke prices and ultimately cost support for U S pricing.

Speaker Change: And our first question is from Bennett Moore from JP Morgan. Your line is now open.

Or is this kind of a further data an opportunity just given how immature the western supply chain still is.

Bennett Moore: Good morning. Tim Rory, Jeremy. Thank you for taking my question about it.

Yes.

I'll start and I'll, let Jeremy chime in as well, but I think the way you asked the question kind of answered it in some respects right.

Tim Flanagan: Yeah, I'll start and I'll let Jeremy chime in as well, but I think the way you asked the question kind of answered it in some respects, right? There isn't any anode production of material note within the United States right now. I think the backdrop of the previous ITC ruling and now the most recent Department of Commerce ruling on the 93.5% really sets a foundation that will allow for more confidence in moving forward with these projects and the development of the supply chains in the West, which again, I think we feel good about where we sit in terms of a raw material supplier and our technical capabilities, both on the raw materials, but the graphitization as well, which is an important kind of first step to get the supply chains established.

Yes.

There isn't any anode production of material note within the United States right now but.

Bennett Moore: It's nice to see the continued share gains in the US, is this still standing at around 50% for the company's overall? Exposure? Is there any room to gain further, share this year, potentially from Indian suppliers or is this more of a, a 2026 contract opportunity?

But I think the backdrop of the previous ITC ruling and now the most recent department of Commerce ruling on the 93, 5% really sets the foundation that will allow for more confidence in moving forward with these projects and in the development of.

The supply chain in the West, which again I think we feel good about where we sit in terms of a raw material supplier and our technical capabilities both.

Jeremy Halford: So, I think it'll support medium to long term, but it's not an immediate impact to pricing in the short run. Jeremy, anything you want to add? No, I think you hit the key points there, Tim. The only other thing that I would note is that while there is a variety of announced projects that we hope come online for additional anode production domestically, there's been no announced new projects for Needlecoat, other than, of course, our permanent expansion at our Cedric facility. And so, we do think that this will lead to an eventual tightening up of that market, but that's still quarters into the future, I think.

Bennett Moore: Yeah, Bennett. So, I would say us or, or, or the Americas, as a whole represent, a little bit more than 50% of our overall Revenue. Um, and certainly, as we continue to look to grow our share, um, which is up, you know, 31% year-over-year in the US, uh, that'll continue to drive that percentage higher as we move out forward,

On the raw materials, but the <unk> as well, which is an important first step to get the supply chain established so I think it will support medium to long term, but it's not an immediate impact of pricing in the short run Jeremy anything you want to add.

Bennett Moore: You know, I think as we look at the back half of the year, um, you know, I think we'd expect demand in the, in the US to remain robust, uh, given the Tariff landscape and, and those 232 steel tariffs that are already in place.

Tim Flanagan: I think it'll support medium to long term, but it's not an immediate impact to pricing in the short run. Jeremy, anything you want to add?

Bennett Moore: How it impacts the supply side on electrodes is still yet to be seen as, as the, the reciprocal tariffs and all of those kind of work through the system and and continue to evolve.

You hit the key points, there, Jim but the only other thing that I would note is that while there is.

Jeremy Halford: Yeah, no, I think you hit the key points there, Tim. The only other thing that I would note is that while there is a variety of announced projects that we hope come online for additional anode production domestically, there's been no announced new projects for needle coke. Other than, of course, our permitted expansion at our Seadrift facility. We do think that this will lead to an eventual tightening up of that market, but that's still quarters into the future, as Tim mentioned.

<unk>.

A variety of announced projects that.

We hope come online or additional anode production domestically.

Bennett Moore: But net, net. I think we feel very good about our position. Uh, both with what we've done thus far, uh, and also how we think about the value proposition and what we offer our customers as we look forward. So, uh, look forward to continued growth in this market,

Ben No announced new projects for needle Coke and other.

Other than of course our.

Great. Thanks for that. And then my quick second 1 here related to the Chinese anti-dumping duties.

Um,

Bennett Moore: Thank you for that context, Professor Blum.

Permanent expansion at our Seadrift facility and so we do think that this will lead to and eventually an eventual tightening up of that market, but thats still so.

Arun Viswanathan: Thank you and your next question is from Arun Viswanathan from RBC Capital Markets. Your line is now open. Great. Thanks for taking my question. I hope you guys are well. Congrats on the EBITDA improvement and the cost reductions as well.

Bennett Moore: Do you feel this has potential to lift local needle code prices and ultimately cost support for us pricing? Or is this kind of a further dated opportunity to just give him how immature the the Western Supply Chain still is

Orders into the future is essentially.

Thank you for that context.

Bennett Moore: Thank you for that context. Best of luck.

Okay.

Thank you and your next question is from Arvind. This one Nelson <unk> RBC capital markets. Your line is now open.

Operator: Thank you. Your next question is from Arun Viswanathan from RBC Capital Markets. Your line is now open.

Timothy Flanagan: So I guess maybe the first question would just be on pricing and the pricing environment. Looks like there was a tick up in your production and volumes. So, you know, and the utilization rate may be slightly better as well in the U.S. especially. So would you say that, you know, overall kind of pricing expectations have bottomed and maybe, you know, kind of. very, very small room for improvement or how would you kind of characterize pricing environment as you look into, say, the next six months or so for Electro.

Great. Thanks for taking my question of you guys are well congrats on the.

Arun Viswanathan: Great. Thanks for taking my question. Hope you guys are well. Congrats on the EBITDA improvement and the cost reductions as well. I guess maybe the first question would just be on pricing and the pricing environment. Looks like there was a tick up in your production and volumes, and the utilization rate may be slightly better as well in the US especially. Would you say that overall kind of pricing expectations have bottomed and maybe kind of very small room for improvement? Or how would you kind of characterize the pricing environment as you look into, say, the next six months or so for electrodes?

EBITDA improvement and.

The cost reductions as well so.

I guess, maybe the first question would just be on pricing and the pricing environment.

It looks like there was a tick up in your production and volumes so.

And the utilization rate, maybe slightly better as well in the U S, especially so.

Would you say that.

Overall kind of pricing expectations have bottomed and maybe kind of.

Timothy Flanagan: Yes, I appreciate that and thanks for the comments. The pricing environment remains very competitive. We've talked about the oversupply, especially coming out of China, which has put pressure on the rest of the world, and the global demand environment with some puts and takes in certain regions outperforming others, but overall global demand is pretty flat. You know, I think, though, despite this, we are growing our volume and we did grow our ASB by 8% over the fourth quarter last year. So I think we are starting to see price stability globally, but it's still not at a level where we think it's sustainable for the long term.

Very very small room for improvement or how would you kind of characterize.

The pricing environment as you look into the next six months or so for electrodes.

Yes.

I appreciate that and thanks for the comments.

Tim Flanagan: Yeah. Appreciate that, and thanks for the comments. Listen, the pricing environment remains very competitive, right? We've talked about the oversupply, especially coming out of China, which has put pressure on the rest of the world, and the global demand environment with some puts and takes in certain regions outperforming others, but overall, global demand is pretty flat. I think though, despite this, we are growing our volume. We did grow our ASP by 8% over the Q4 last year. I think we are starting to see price stability globally, but it's still not at a level where we think it's sustainable for the long term. Right?

Listen the pricing environment remains very competitive rate.

We've talked about the oversupply.

Especially coming out of China, which has put pressure on the rest of the world and the global demand environment with some puts and takes in certain regions outperforming other but overall global demand is pretty flat.

Bennett Moore: So I think it'll support uh medium to long-term but it's not an an immediate impact, the pricing uh in the short run, Jeremy, anything you want to add? No I think I think you hit the key points there. Tim. The only other thing that I would notice that while there is yeah, you know, uh a variety of announced projects that um, we hope come online for additional and on production domestically. There's been no announced new projects for a needle, cope other than, of course, our um, permanent expansion at our seed drift facility. And so we we do think that this will lead to an eventually an eventual tightening up of that market, but that's still still, you know, quarters into the future as Tim mentioned.

I think though despite this we are growing our volume.

Timothy Flanagan: Right. So whether it's our actions to change our mix and focus our energies on those markets that can will compensate us for the value we provide in our healthier production markets as a whole, or if it's through the continued pressure of raising our prices and driving higher prices and getting compensated, again, for the services and the value provided to our customers, you know, we're going to keep pushing the envelope to drive prices higher. It's a challenging market, but we're starting to see some success. We've seen some flattening out of the pricing curves, which throughout all of 2024 were downward sloping.

Bennett Moore: Thank you for that context. Best of luck.

We did grow our ASP by 8% over the fourth quarter last year. So I think we are starting to see price stability.

Globally.

But it's still not at a level, where we think it's sustainable for the long term right. So whether it's our actions.

Bennett Moore: Thank you and your next question is from Aaron this 1. Nothing from RBC Capital markets. Your line is now open.

Tim Flanagan: Whether it's our actions to change our mix and focus our energies on those markets that can, will compensate us for the value we provide in our healthier production markets as a whole, or if it's through the continued pressure of raising our prices and driving higher prices and getting compensated again for the services and the value provided to our customers. We're going to keep pushing the envelope to drive prices higher. It's a challenging market, but we're starting to see some success. We've seen some flattening out of the pricing curves, which throughout all of 2024 were downward sloping. We hope that we've hit bottom and will now start to see some recovery in H2 of this year, but then more importantly, as we get into 2026.

To change our mix and focus our energies on those markets that and we will compensate us for the value we provide in our healthier production markets as a whole or if it's through the continued pressure of raising our prices and driving higher prices and getting compensated again for the services and the value provided to our customers we're going to keep.

Speaker Change: Great. Thanks for taking my question. I hope you guys are well, uh, congrats on the, uh, evaa Improvement and uh, the, the cost, um, reductions as well. So,

Timothy Flanagan: So we hope that we've hit bottom and we'll now start to see some recovery in the back half of this year.

And the envelope to drive prices higher.

Timothy Flanagan: But then more importantly, as we get.

<unk> market, but we're starting to see some success, we've seen some flattening out of.

Timothy Flanagan: Okay, and could you also offer any thoughts on Needlecoke? You know, there was a lot of oil-based volatility in the quarter, you know, especially from a geopolitical standpoint, but does that affect Needlecoke? You know, and then what is kind of the outlook? We've had some, you know, somewhat, you know, slightly good EV demand in China, but not necessarily that great outside of China, and so I'm not sure if that's been a drag on Needlecoke supply-demand, or how do you characterize the Needlecoke supply-demand and pricing outlook as well? We're seeing continued flatness in the needle coke markets.

The pricing curves, which throughout all of 2020 forward where downward sloping.

Speaker Change: Um, I guess maybe the first question would just be on pricing and the pricing environment. Um, looks like there was a tick up in your production and volumes so um, you know, and the utilization rate maybe slightly better as well in the US especially so, would you say that you know overall kind of pricing expectations have bottomed and maybe you know, kind of

So we hope that we've hit bottom and will now start to see some recovery in the back half of this year, but then more importantly, as we get into 2026.

Very very small room for improvement or how would you kind of characterize?

Okay and could you also offer any thoughts on needle coke.

Speaker Change: The pricing environment as you look into say the next 6 months or so. For for electrodes.

Arun Viswanathan: Okay. Could you also offer any thoughts on needle coke? There was a lot of oil-based volatility in the quarter, especially from a geopolitical standpoint, does that affect needle coke? What is the outlook? We've had some somewhat slightly good EV demand in China, not necessarily that great outside of China. I'm not sure if that's been a drag on needle coke supply demand, or how do you characterize the needle coke supply demand and pricing outlook as well?

You know there was a lot of oil based volatility in the quarter.

Especially from a geopolitical standpoint, but does that affect needle coke.

And then what is kind of the outlook we've had some somewhat.

Slightly.

EV demand in China, but not necessarily that great outside of China, and so I'm not sure if thats been.

Yeah, you know, and and appreciate that. And, and, and thanks for the the comments. Um, you know, listen, the pricing environment remains very competitive, right? Uh, we, we've talked about the, the, the oversupply, uh, especially coming out of China, which was put pressure on the rest of the world and the, the global demand environment with, you know, some puts and takes in certain regions, outperforming other. But overall, Global demand is, is is pretty flat

Speaker Change: um,

Drag on needle Coke.

Timothy Flanagan: Pricing remains pretty consistent with where it has been for the last several quarters. As we look forward, we're not seeing a large catalyst in the near term. As we look out a little bit further and start to see some of these the Western supply chain developments come online, we think that that should start driving some improvements. But as of right now, things are still pretty flat with where they've Yeah, Arun, I would just add, if we go back to prior to the Trump administration, you had a lot of support, EV mandates and such. Now you're seeing it more on standing up the EV industry through trade and tariff actions.

Supply demand or how would you characterize the needle coke supply demand and pricing outlook as well.

Yes, so thanks for that around that.

Speaker Change: you know, I think though, despite this, we are growing our volume. Uh, and, you know, we did grow our ASB by 8% over the fourth quarter of last year. So, I think we are starting to see price stability, uh,

Rory O'Donnell: Yeah, thanks for that, Arun. Really, we are seeing continued flatness in the needle coke markets. Pricing remains pretty consistent with where it has been for the last several quarters. As we look forward, we are not seeing a large catalyst in the near term. As we look out a little bit further and start to see some of these catalysts, particularly some of the Western supply chain developments come online, we think that should start driving some improvements. As of right now, things are still pretty flat with where they have been.

Really we're seeing continued flatness in the needle coke market.

Pricing remains pretty consistent with where it has been for the last several quarters and as.

As we look forward, we're not seeing a large catalyst.

Yes in the near term as we get as we.

We look out a little bit further and start to see some of these catalysts.

Particularly with some of the western supply chain developments come online, we think that that should start driving some improvements but.

As of right now things are still are still pretty flat with where they have been.

Timothy Flanagan: And even more so as you think about the recently announced deal with MP Materials from the Department of Defense, right, where you've seen a creative and very transformational public-private partnership that really is going through, kind of the government or Washington's efforts to stand up domestic production and on-shoring kind of the production of these critical minerals. So, those are the things that I think we'll see start to drive needle coat pricing and the demand in the West, which will ultimately help us beyond just the growth of EAF consumption of electrodes as we look out going forward.

Yeah, Ryan I would just add if we go back to <unk>.

Tim Flanagan: Arun, I would just add, if we go back to prior to the Trump administration, you had a lot of support, EV mandates and such. Now you're seeing it more on standing up the EV industry through trade and tariff actions, and even more so as you think about the recently announced deal with MP Materials from the Department of Defense, right? Where you've seen a creative and very transformational public-private partnership that really is going through the government or Washington's efforts to stand up domestic production and onshoring the production of these critical minerals. Those are the things that I think we'll see start to drive needle coke pricing and the demand in the West, which will ultimately help us beyond just the growth of EAF consumption of electrodes as we look out going forward.

Prior to the Trump administration, you had a lot of support EV mandates and such now Youre seeing it more on standing up the EV industry through trade and tariff actions and even more so as you think about the recently announced deal with MP materials from the department of defense, right, where you've seen a creative and very transformation.

Speaker Change: Globally. Um, but it's still not at a level where we think it's sustainable for the long term, right? So, whether it's our actions, um, to change our mix and and focus, our energies on those markets that and we'll compensate us for the value. We provide and our healthier, uh, production markets as a whole. Or if it's through the continued pressure of raising, our prices and driving higher prices, and getting compensated, again for the services and the value provided to our customers. You know, we're going to keep pushing the envelope to drive prices higher. It's a challenging Market but we're starting to see some success. We've seen some flattening out of of the, the, the pricing curves which throughout all of 2024. We're we're downward sloping. Um, so we hope that we've hit bottom and, and will now start to see some recovery in the back half of this year, but then more importantly, as we get into 2026,

Public private partnership.

Speaker Change: Okay. And could you also offer any thoughts on needle Coke? Um, you know, there was a lot of oil-based volatility in the quarter um, you know, especially from a geopolitical standpoint, but does that affect needle Coke? Um

That really is going through kind of the government or Washington.

Efforts to to stand up domestic production and onshoring kind of the production of these critical minerals.

Timothy Flanagan: So, all in all, I think those are two really positive developments that we're seeing in the market right now as it relates.

Like those are the things that I think we will see start to drive needle coke pricing and the demand in the west which will ultimately help us beyond just the growth of Eas consumption of electrodes as we look out going forward. So all in all I.

Rory O'Donnell: Okay, so given that you expect a flattish needle cook environment, you are driving your own costs lower. You were you were able to accomplish positive EBITDA this quarter. Do you expect that positive EBITDA trajectory to continue? And you see some sequential improvement as you get into Q3? You know, and then maybe it falls off just seasonally a little bit in Q4. And then next year, you continue to expect some modest continued improvement in EBITDA. Have you kind of bottomed and you're kind of heading now towards, you know, improved results, you know, each period?

Speaker Change: You know? And then what is kind of the, the Outlook? Uh, we've had some, you know, somewhat, uh, you know, slightly, um, good good, good EV demand in China but not necessarily that great outside of China. And so I'm not sure if that's been, uh, a a drag on needle Coke, um, Supply demand, or how'd you characterize?

Speaker Change: As a needle Cooks supply and demand and pricing Outlook as well.

Tim Flanagan: All in all, I think those are two really positive developments that we're seeing in the market right now as it relates to needle coke.

I think those are two really positive developments that.

And that we're seeing in the market right now as it relates to needle coke.

Okay. So given that you.

Arun Viswanathan: Okay. Given that you expect a flattish needle coke environment, you are driving your own costs lower. You were able to accomplish positive EBITDA this quarter. Do you expect that positive EBITDA trajectory to continue, and you see some sequential improvement as you get into Q3? Maybe it falls off just seasonally a little bit in Q4. Next year, you continue to expect some modest continued improvement in EBITDA. Have you kind of bottomed and you're heading now towards improved results each period, or where are you in your evolution here?

Expect a flattish needle coke environment, you are driving your own costs lower.

You are you were able to accomplish.

Positive EBITDA this quarter do you expect.

That positive EBITDA trajectory to continue.

And you see some sequential improvement as we get into Q3.

And then maybe it falls off just seasonally a little bit in Q4.

Rory O'Donnell: Or where are you kind of in your in your evolution here? Sure, Arun. So, as you saw in our release, our cash costs for the first half of the year was about $3,700. We revised our guidance for a full year cash costs of about $3950. So, you're right, you'll see some cost uptick in the second half of the year, which is driven by a couple things. It's driven by Fixed cost leverage we lose in the second half because of some of our summer shutdowns. It's driven by some of the higher costs of inputs like labor and energy in the second half of the year.

And then next year you continue to expect some.

Modest continued improvement in EBITDA.

Yeah. So, uh, thanks for that a room. Uh, really we're seeing, you know, continued flatness in the needle poke Market. Uh, you know, pricing remains pretty consistent with where it has been for the last several quarters and uh, you know, as we as we look forward we're not seeing a large Catalyst in the, in the near term as we get uh, as we uh, look out a little bit further and start to see some of these catalysts, uh, particularly with some of the Western Supply Chain developments, uh, come online. We think that, that, that should start driving some improvements. But uh, as of right now, things are still, uh, still pretty flat with where they've been

Have you kind of bottomed and youre kind of heading now towards.

Improved results each period or.

Where are you kind of in your and your evolution here.

Sure Arun so.

Rory O'Donnell: Sure, Arun. As you saw in our release, our cash cost for H1 of the year was about $3,700. We revised our guidance for a full year cash cost of about $3,950. You're right, you'll see some cost uptick in H2 of the year, which is driven by a couple things. It's driven by fixed cost leverage we lose in H2 because of some of our summer shutdowns. It's driven by some of the higher costs of inputs like labor and energy in H2, and it's also driven by H2 being loaded up with our view on tariffs currently. We're also not getting as much of a benefit from our LCM utilization, LCM reserve utilization as we had previously, so that's a little bit of a headwind.

As you saw in our release, our cash cost for the first half of the year was about $3700.

We revised our guidance for our full year cash cost of about $39 50.

So youre right you will see some cost uptick in the second half of the year, which was driven by a couple of things it's driven by.

Rory O'Donnell: And it's also driven by kind of the back half being loaded up with our view on tariffs currently. We're also not getting as much of a benefit from our LCM utilization, LCM reserve utilization as we had previously. So that's a little bit of a headwind. But all in, I think you can expect that the full year, if you bake all that together, will probably be at or slightly above a break-even type even a number.

<unk>.

Fixed cost leverage we lose in the second half because of some of our summer shutdowns, it's driven by some of the higher cost of inputs like labor and energy in the second half of the year and it's also driven by kind of the back half being loaded up with our view on tariffs currently.

We're also not getting as much of a benefit from our LCM utilization LCM reserve utilization as we had previously so that's a little bit of a headwind, but all in I think you can expect that.

Uh, prior to the Trump Administration, you had a lot of support uh EV mandates and such now you're seeing it more on standing up. The EV industry, through trade and tariff actions, and even, you know more. So as you think about, you know, the recently announced deal with MP materials from the Department of Defense, right? Where you've seen a creative and and very transformational public private partnership. Um, that really is going through, you know, kind of the, the government or Washington's, uh, efforts to, to stand up, you know, domestic production and onshoring kind of the production of these critical minerals. Um, so like those are the things that I think we'll see, start to drive needle Coke pricing, and the demand in the west, which will ultimately help us Beyond. Just the growth of, you know, eaf consumption of electrodes as we look out going forward. So, you know, all in all, um, you know, I think those are 2 really positive developments uh that we're seeing in the market right now as it relates to needle, Co

Rory O'Donnell: As far as where we go in years ahead, as you know, a lot of our negotiations are coming up in the fourth quarter. So we're looking forward to that. I think we've proven our value beyond just the electrode, but also from a CTS perspective and technical service perspective. So we're looking forward to that.

Rory O'Donnell: All in, I think you can expect that the full year, if you bake all that together, will probably be at or slightly above a break-even type EBITDA number.

The full year, if you take all that together will probably be at or slightly above.

A breakeven type EBITDA number as far as where we go.

And in years ahead.

Arun Viswanathan: Okay.

Rory O'Donnell: in years ahead. As you know, a lot of our negotiations are coming up in the Q4, so we're looking forward to that. I think we've proven our value, beyond just the electrode, but also from a CTS perspective, and technical service perspective. We're looking forward to that, and as that develops we'll give more views as to how we see the upcoming year.

As you know a lot of our negotiations are coming up in the fourth quarter. So we're looking forward to that I think we've proven our value.

Rory O'Donnell: And as that develops, we'll give more views as to how we see the upcoming year.

Speaker Change: Okay, so given that you um, expect a flattish, needle, cook environment, you are driving your own costs lower. Um, you were, you were able to, uh, accomplish, um, positive even though this quarter, you expect, um, that positive Evita trajectory to continue, uh, and and you see some sequential Improvement as you get into Q3, um, you know, and then maybe it falls off. Just seasonally a little bit in Q4. Uh, and then next year, you you, you continue to expect some

Timothy Flanagan: Yeah, Arun, I would just. Sorry, I was just going to add, I mean, you know, I think what Rory has outlined is 100% accurate in the sense that, you know, next six months are what they are. This is all about us stacking quarter after quarter of improved performance, and the team has been doing that now for a number of quarters in a row. It's not always going to be a straight line up and to the right, but we think, you know, we've started to develop the momentum, seeing stickiness in our cost reduction efforts. The commercial efforts, again, are paying dividends, and we think as we head into 26, you know, we're happy with the momentum we're creating.

Just the electrode, but also from a Cts perspective.

Technical service perspective so.

We're looking forward to that and as that develops we will we will give more views as to how we see the upcoming year.

Uh, modest continued improvements in Evita, uh, have have you kind of bottomed and you're kind of heading now towards, um, you know, improved results, you know, each period, or where are you kind of in your, in your Evolution here?

Got it.

I would just.

Arun Viswanathan: Got it. Okay, perfect.

Tim Flanagan: Arun, I think what Rory has outlined is 100% accurate in the sense that next six months are what they are. This is all about us stacking quarter after quarter of improved performance. The team has been doing that now for a number of quarters in a row. It's not always going to be a straight line up into the right, but we think we've started to develop the momentum. We're seeing stickiness in our cost reduction efforts. The commercial efforts, again, are paying dividends, and we think as we head into 2026, we're happy with the momentum we're creating.

Sorry, I was just I was just going to add I mean.

I think what really has outlined is 100% accurate in the sense that.

Next six months or what they are this is all about stacking quarter after quarter of improved performance and the team has been doing that now for a number of quarters in a row. It's.

It's not always going to be a straight line up into the right, but we think we've started to develop the momentum we're seeing stickiness in our cost reduction efforts. The commercial efforts again are paying dividends and we think as we head into 'twenty six.

Timothy Flanagan: Perfect. Thanks a lot. Thank you.

Sure, run. So as you saw in our release our, our cache costs, for the first half of the year was about 3,700. We're we're we're we revised our guidance for a full year, cash cost of about 3950. Um, so you're right, you'll see some cost uptick in the second half of the year, which is driven by a couple things. Um, it's driven by um,

Alexander Hacking: And your next question is from Alex Hacking from CD Research. Your line is now open. Yeah, thanks, Tim. Morning. I just wanted to follow up on the opportunity, potential opportunity in nanomaterials. I feel like we've been, or you've been talking about this for many years, right, probably at least five years, and nothing's really happened so far, right, like nothing's been announced. How would you categorize, you know, the state of... Discussions at the moment, you know, are they active? Um, because we've obviously seen others move forward, right? P66 has got together with Novonix and they got some money from the DOE, um, so I'm just curious, like, where do things stand?

We're happy with the momentum we are creating.

Okay.

Perfect. Thanks, a lot.

Speaker Change: Fixed cost leverage. We lose in the second half because of some of our summer shutdowns. It's driven by some of the higher costs of inputs like labor and energy in the second half of the year. And it's also driven by kind of the back half being loaded up with our view on tariffs, currently.

Arun Viswanathan: Perfect. Thanks a lot.

Thank you and your next question is from Alex Hacking from Citi Research. Your line is now open.

Operator: Thank you. Your next question is from Alexander Hacking from Citi Research. Your line is now open.

Yes, Thanks, Tim Good morning, I, just wanted to follow up on <unk>.

Alex Hacking: Yeah. Thanks, Tim. Morning. I just wanted to follow up on the potential opportunity in anode materials. I feel like you've been talking about this for many years, right? Probably at least 5 years. Nothing's really happened so far. Nothing's been announced. How would you categorize the state of discussions at the moment? Are they active? We've obviously seen others move forward, right? P66 has got together with Novonix, and they got some money from the DOE. I'm just curious, where do things stand. Yeah. Where do things stand? Thank you.

The opportunity potential opportunity and anode materials.

Feel like we can.

Talking about this for many years, probably at least five years.

And nothing's really happened so far nothing has been announced.

Um, we're also not getting as much of a benefit from our LCM utilization LCM Reserve utilization of we, as we had previously. So that's a little bit of a headwind, but all in, I think you can expect that. Um, the full year. If you if you fake all that together, we'll probably be at or a slightly above um, a break even type even a number as far as where we go um, in the in in years ahead. Um, as you know, a lot of our negotiations are coming.

How would you categorize the state of.

Discussions at the moment, while the active.

Timothy Flanagan: Yeah, so where does it stand? Thank you. Yeah, thanks, Alex. You know, listen, we have been talking about the anode opportunity for a while. And, you know, we've also been consistent in saying this isn't something that we necessarily will do on our own or have the balance sheet to go alone, and have outlined a number of areas and ways that we think we can participate in this market and think those still exist, whether it be a raw material supplier, whether it be a graphitization supplier to the market, given the capacity that we have. But I think as we've also gone through this last, you know, call it three or four years, we've also continued to develop our capabilities to kind of go soup to nuts on the production of anodes and think we have opportunities.

Because we've obviously seen others move forward right 66 was put together with Novartis will make us some money from the DLA.

Speaker Change: Up in the fourth quarter. So we're, we're looking forward to that. I think we've proven our value, um, Beyond just the electrode, but also from a CTS perspective and, um, technical service perspective. So, um, we're looking forward to that. And um, as that develops will will give more views as to how we see the upcoming year.

So I'm, just curious like where do things stand in.

Speaker Change: Got it. I would just

Yes, so we're looking Stan thank you.

Yeah. Thanks, Alex.

Listen we have been talking about the anode opportunity for a while.

Tim Flanagan: Yeah. Thanks, Alex Hacking. Listen, we have been talking about the anode opportunity for a while. And we've also been consistent in saying this isn't something that we necessarily will do on our own or have the balance sheet to go alone and have outlined a number of areas and ways that we think we can participate in this market and think those still exist, whether it be a raw material supplier, whether it be a graphitization supplier to the market, given the capacity that we have. But I think as we've also gone through this last, call it three or four years, we've also continued to develop our capabilities to kind of go soup to nuts on the production of anodes and think we have opportunities.

And.

We've also been consistent in saying this isn't something that we necessarily will do on our own or have the balance sheet to go alone.

And have outlined a number of areas in ways that we think we can participate in this market and think those still exist whether it be a raw material supplier, whether it be <unk> supplier to the market given the capacity that we have but I think as we've also gone through this last call. It three or four years. We've also continued to develop our.

Timothy Flanagan: So. I think the change potentially that's coming and the way I would think about it is what I mentioned before with what we just saw last week with MP Materials, right? Again, fairly transformative public-private partnership, kind of a very creative use of federal dollars from the Department of Defense to unlock value. And also, I mean, they're generating returns for taxpayers, so they're kind of going about it different ways where they're not just handing out money to whoever has the best application, but they're really looking for those that are well-positioned to be cornerstones in the industry.

Speaker Change: Sorry, I was just, I was just gonna add, I mean, you know, I think what Rory has outlined is, is 100% accurate in the sense that, um, you know, next 6 months are what they are. This is all about us stacking quarter after quarter of of improved performance and the team has been doing that now for a number of quarters in a row. Um it's not always going to be a straight line up into the right. But we think you know we've we've started to develop the momentum. We're seeing stickiness in our cost reduction efforts, the commercial efforts again are are are paying dividends and we think as we head into to 26, you know we we're happy with the momentum we're we're creating

Speaker Change: Perfect. Thanks a lot.

Capabilities to kind of go soup to nuts on the production of anodes and think we have opportunities. So.

I think the change potentially thats coming in the way I would think about it is what I mentioned before with.

Tim Flanagan: I think the change potentially that's coming and the way I would think about it is what I mentioned before with what we just saw last week with MP Materials, right? Again, fairly transformative public-private partnership, kind of a very creative use of federal dollars from the Department of Defense to unlock value. Also, they're generating returns for taxpayers. They're kind of going about it different ways where they're not just handing out money to whoever has the best application, but they're really looking for those that are well-positioned to be cornerstones in the industry. Again, I think as GrafTech, our existing capabilities, the fact that we're vertically integrated could potentially position us to be an attractive partner with the Department of Defense. We are continuing our efforts. We're not going to slow down.

Speaker Change: Thank you and your next question is from Alex hacking from City research. Your line is now open.

What we just saw last week with MP materials right.

Again fairly transformative public private partnership.

Alex Hacking: Yeah, thanks Tim morning. Uh I just wanted to follow up on the opportunity potential opportunity in in ano materials.

Um,

Kind of a.

Very creative use of federal dollars from the department of Defense.

Feel like we've been or you've been talking about this for many years, right? Probably, at least 5 years. Um,

To unlock value and also I mean, they're generating returns for taxpayers. So they are kind of going about it different ways, where theyre not just handing out money to whoever has the best application, but they're really looking for those that are well positioned to be.

Timothy Flanagan: And again, I think as GrafTech, our existing capabilities, the fact that we're vertically integrated could potentially position us to be an attractive partner with the Department of Defense. We are continuing our efforts. We're not going to slow down. We'll continue to probe and look for all opportunities on this front that we can. But I think this is a bit of a game-changer from a sense of the government is putting real dollars behind standing up businesses and an industry versus trying to pull them in through tax incentives and such like that. So I think that's where you start to see this.

Alex Hacking: And nothing's really happened so far. I like nothing's been announced

how would you categorize, you know, the state of

Alex Hacking: discussion that the moment, you know, while the active

The cornerstones in the industry and again I think as graphic our existing capabilities. The fact that we're vertically integrated could potentially position us to be an attractive partner with the department of defense. So.

The doe. Um, so I'm just curious like where do things stand and

Alex Hacking: So what what if instead thank you.

We are continuing our efforts were not going to slow down we will continue to probe and look for all opportunities on this front that we can.

Tim Flanagan: We'll continue to probe and look for all opportunities on this front that we can. I think this is a bit of a game changer from a sense of the government is putting real dollars behind standing up businesses in an industry versus trying to pull demand through tax incentives and such like that. I think that's where you start to see this change.

But I think this is a bit of a game changer from a sense of the government is putting real dollars behind standing up businesses in an industry.

Timothy Flanagan: But Tim, not to put you on the spot, I'm not sure what you could say, but based on those comments, I would interpret that to mean that you are in active discussions with the government over potential partnership type opportunities. Would that be fair? Yeah, Alex, I'm not going to comment other than saying, you know, we are, we do think we're well positioned. We welcome the opportunity to continue to advocate on all fronts, whether it's for funding opportunities, whether for its trade protections, whether it's for our position with our customers to improve our position. You know, we're, you know, the MP materials deal was just announced last week, and this is all very new and very recent to the market.

Versus trying to pull demand through tax incentives and such like that so I think thats, where you start to see this change.

But that might not be put you on the call I'm not sure. What you can say, but based on those comments I would interpret that to mean that you are in active discussions with the government over potential partnership type opportunities without being I'm.

Alex Hacking: Look, Tim, not to put you on the spot, I'm not sure what you could say. Based on those comments, I would interpret that to mean that you are in active discussions with the government over potential partnership type opportunities. Would that be fair?

Mike Dillon: Yeah, thanks Alex. You know, listen, we have been talking about the anode opportunity for a while um and you know, we've also been consistent in saying this isn't something that we necessarily will do on our own or, or have the balance sheet to go alone and and have outlined a number of areas in ways that we think we can participate in this market. And, and think those still exist, whether it be a raw material supplier, whether it be a graphitization supplier to the market, given the capacity that we have, but I think as we we've also gone through this last, you know, call it 3 or 4 years, we've also continued to develop our capabilities to kind of go Soup To Nuts on the production of anodes and think we have opportunities. So

I'm not going to comment on it other than saying we are.

Tim Flanagan: Yeah, Alex, I'm not going to comment other than saying, we do think we're well-positioned. We welcome the opportunity to continue to advocate on all fronts, whether it's for funding opportunities, whether for its trade protections, whether it's for our position with our customers to improve our position. The MP Materials deal was just announced last week, and this is all very new and very recent to the market. We'll continue to explore it as we see appropriate.

We do think we're well positioned we welcome the opportunity to.

Continue to.

Advocate on all fronts, whether it's for funding opportunities whether for its trade protections, whether it's for our position with our customers to improve our position.

Timothy Flanagan: So we'll continue to explore it as we see appropriate.

Mike Dillon: I I think the, the, the change potentially that's coming and, and, and the way I would think about it is what I mentioned before with. Uh, what we just saw last week with MP materials, right? Uh, again, fairly transformative public private partnership, um, kind of a, a

Alexander Hacking: Okay, appreciate the color and best of luck. Thanks.

We are.

The MP materials deal was just announced last week and this is all very new and very recent to the market.

Abraham Landa: Thank you and our last question comes from Abe Landa from Bank of America. Your line is now open. Good morning. Thank you for sneaking me in. I guess maybe just first on your US operations, clearly, you're doing a very good job there growing above market rate. Is your market share back to these pre-Monterey levels? And given that you're growing faster in the market, I guess, who are you taking share from, just given some of your tier one competitors do have faster? Yeah, I would describe where our market share at is commensurate where we think it should be as of today.

So we will continue to explore it as we see appropriate.

Mike Dillon: A very creative use, uh, of federal dollars from the Department of Defense, um, you know, to to unlock value. And and also, I mean, they're generating returns for taxpayers. So they're kind of going about it different ways where they're not just handing out money to, whoever has the best application but they're really looking for those that are are well positioned.

Okay I appreciate the color and best of luck.

Alex Hacking: Okay. Appreciate the color, and best of luck. Thanks.

Yeah.

Thank you and our last question comes from Abe Landa from Bank of America. Your line is now open.

Operator: Thank you. Our last question comes from Abraham Landa from Bank of America. Your line is now open.

Yeah.

Good morning, Thank you for sneaking me in.

Abe Landa: Good morning. Thank you for sneaking me in. I guess maybe just first on your US operations. Clearly, you're doing a very good job there, growing above market rate. I guess, is your market share back to these pre-Monterrey levels? Given that you're growing faster than the market, I guess, who are you taking share from, just given some of your Tier 1 competitors do have capacity in the US?

I guess, maybe just first on your on your U S. Operation is clearly youre joining <unk>.

Mike Dillon: To, uh, be cornerstones in the industry. And again, I think as graphtec are, you know, existing capabilities, the fact that we're vertically integrated, you know, could potentially position us to be an attractive partner, uh, with the Department of Defense. So, um, you know, we are are continuing our efforts. We're not going to slow down, we'll continue to to probe and and look for all.

Jobs are growing above market rate I guess are you back is your market share back to pre <unk> levels.

And given that you are growing faster than the market I guess, who are you.

Timothy Flanagan: But we're not satisfied with where it sits today. We still want more. I just have to remind you, if you go back to the period under the LTAs, and we've said this on past calls, we were probably outsized in market share because of some of the contracts and the way they were structured. But I think what we're happy about is that we have good share with all the key customers in North America and in the US in particular. We continue to grow those relationships and expand beyond historical market shares in certain cases. And others, we still have some work to go.

Taking share one share from just given some of your tier one competitors do have fashion.

Yes, I would I would describe where our market share at us.

Mike Dillon: I think this is a bit of a game-changer from a sense of the government's putting real dollars behind uh, standing up, uh, businesses and and an industry, uh, versus trying to pull demand through, you know, tax incentives and such like that. So I think that's where you start to see this change.

Tim Flanagan: Yeah. I would describe where our market share at is commensurate where we think it should be as of today. We're not satisfied with where it sits today. We still want more. I just have to remind you, if you go back to the period under the LTAs, and we've said this on past calls, we were probably outsized in market share because of some of the contracts and the way they were structured. I think what we're happy about is that we have a good share with all of the key customers in North America and in the US in particular. We continue to grow those relationships and expand beyond kind of historical market shares in certain cases.

Commensurate, where we think it should be as of today.

But we're not satisfied with where it sits today, we still want more I just have to remind you. If you go back to the period under the LTA is and we've said this on past calls we were probably outsized in market share because of some of the contracts and the way they were structured.

But I think what we're happy about is that we have good share with all of the key customers in North America and in the U S. In particular.

Timothy Flanagan: And that's the goal and the target for our commercial team as we head into 26 is to get everybody up to that level and continuing to grow and really reinforce to our customers that we are the top supplier, that we are a trusted partner, and that our value proposition is more compelling and that we should be the partner they go with. That's very good to hear. I guess. On the tariffs, I guess, is it your understanding that the tariffs are going to impact your Japanese? Indian competitors, just because it's not exempted from tariffs under that Annex 2, and maybe a little bit more just on the potential impact on you.

We continue to grow those relationships and expand beyond.

Kind of historical market shares in certain cases, and others. We still have some work to go and Thats the goal and the target for our commercial team as we head into 'twenty six.

Tim Flanagan: In others, we still have some work to go, that's the goal and the target for our commercial team as we head into 2026 is to get everybody up to that level and continuing to grow. Really reinforced our customers that we are the top supplier, that we are a trusted partner, and that our value proposition is more compelling and that we should be the partner they go with.

To get everybody up to that level and continuing to grow and really reinforced our customers that we are.

Looked at him like not to put you on the spot. I'm not sure what you could say. But based on those comments, I would interpret that to mean that you are. Inactive discussions with the government over potential partnership type opportunities. Would that be fair? Yeah, Alex, I'm not going to comment other than saying, you know, we are, uh, we do think we're well, positioned. We welcome. The opportunity to, uh, continue to, uh, Advocate on all fronts, whether it's for funding opportunities, whether for its trade protections, whether it's for, uh, our position, with our customers to improve our position. Um, you know, we're uh, you know, the MP materials deal was just announced last week. And, and this is all very new and very recent to the market.

Mike Dillon: Um, so we'll continue to uh to explore it as we see appropriate.

Mike Dillon: Okay, appreciate the caller best.

The top supplier that we are a trusted partner and that our value proposition is more compelling and that we should be the partner they go with.

That's very good to hear.

Welcome to the conferencing Center, please hold for the next available operator.

Abe Landa: That's very good to hear. I guess, on the tariffs, I guess, is it your understanding that the tariffs are going to impact your Japanese and Indian competitors just because it's not exempted from tariffs under that Annex II? Maybe a little bit more just on the potential impact on you. I believe about 30% of your production from your US sales does come from Monterrey, which is USMCA compliant. Just maybe a little bit more color kind of on the tariff impact in the US.

Yes.

On the tariffs I guess is it your understanding that the tariffs are going to impact your Japanese.

Timothy Flanagan: I believe about 50% of your production from your U.S. sales does come from Monterey, which is USMCA-compliant, just a little bit more color. Thank you. Yeah, so I'll start with us and maybe the headline first and then maybe some of the details, you know, as we're guiding to less than a 1% impact on our cash cogs in terms of tariff impact, and that's incorporated in our 7 to 9% cash cost reduction. So it's reflected in there. And we continue to work and find ways to mitigate the impact of that. Again, we use our Monterey, Calais, and Pamplona facilities as a global network, and it gives us some flexibility to a certain extent to move product around and mitigate it.

Hi. Thank you for calling Mayo which conference you'd like to join

The competitors, just because it's not exempted from tariffs or annex too.

Maybe a little bit more just on.

The potential impact on now I believe about 50% of your production from that.

Speaker Change: Hello, thank you very much for calling. May I know which conference you'd like to connect to please.

From your U S sales does come from Monterrey, which is essentially a compliance a little bit more color.

Speaker Change: Hello, can you hear me? Hello.

Speaker Change: Due to no response. I'll disconnect. Thank you.

Yes.

Yes, so I'll start with us and maybe the headline first and then maybe some of the details.

Tim Flanagan: Yeah. I'll start with us and maybe the headline first and then maybe some of the details. We're guiding to less than a 1% impact on our cash COGS in terms of tariff impact, and that's incorporated in our 7% to 9% cash cost reduction. It's reflected in there. We continue to work and find ways to mitigate the impact of that. Again, we use our Monterrey, Calais, and Pamplona facilities as a global network, and it gives us some flexibility, to a certain extent, to move product around and mitigate it. Having Seadrift as a domestic source of needle coke really helps with any of the tariffs against the European Union, in terms of content that is produced in the US as an offset to the impact of the tariffs there. Monterrey, anything coming through Monterrey still is exempt under the USMCA.

As we are guiding to less than a 1% impact on our cash Cogs in terms of tariff.

Packed and Thats incorporated in our 7% to 9% cash cost reduction so it's reflected in there.

Timothy Flanagan: And having C-Drift as a domestic source of needle coke really helps with any of the tariffs against the European Union in terms of content that is produced in the US as an offset to the impact of the tariffs there. Monterey, anything coming through Monterey still is exempt under the USMCA. So, again, we feel pretty good with where they're announced. That being said, it's July 25th, August 1st is a week away. We'll see how all of these deals continue to materialize and evolve and where we settle out. But we think the team has done a really good job of putting a plan in place and working that plan to mitigate the impact as much as we can going forward.

And we continue to work and find ways to mitigate the impact of that again, we use our Monterey Calais and Pamplona facilities, a global network and it gives us some flexibility.

To a certain extent to move product around and mitigate it and having seadrift as a domestic source of needle Coke really helps with any of the tariffs against the European Union in terms of content that is produced in the U S as an offset to the.

The impact of the tariffs, they're Monterey anything coming through Monterrey still is exempt under the U S. MCA.

Again, we feel pretty good with where they are announced that being said it's July 25th August versus a week away. We will see how all of these deals continue to materialize and evolve and where we settle out but we think the team has done a really good job of.

Tim Flanagan: Again, we feel pretty good with where they're announced. That being said, it's 25 July. 1 August is a week away. We'll see how all of these deals continue to materialize and evolve and where we settle out. We think the team has done a really good job of putting a plan in place and working that plan to mitigate the impact, as much as we can, going forward. As it relates to our competitors, certainly, those exemptions that exist under the USMCA don't exist for India or Japan. Certainly any of the material that's coming from India is going to be subject to higher tariff levels wherever that settles out, whether it's at the 27% or 26% announced level, or if there's a deal that's struck to something less than that.

Timothy Flanagan: As it relates to our competitors, certainly those exemptions that exist under the USMCA don't exist for India or Japan. So certainly any of the material that's coming from India is going to be subject to higher tariff levels wherever that settles out, whether it's at the 27% or 26% announced level or if there's a deal that's struck to something less than that. And the same would be for anybody, whether it's the Tier 1 Japanese competitors or some of the smaller competitors. They're going to be subject to the 15% tariff that was settled with the Japanese here earlier this week.

Putting a plan in place and working that plan to mitigate the impact.

As much as we can going forward.

As it relates to our competitors certainly those exemptions that exist under the U S. MCA don't exist for India, Japan. So certainly any of the material that's coming from India is going to be subject to higher tariff levels wherever that settles out whether it's at the 27% or 26% announced level.

Or if there's a deal that struck to something less than that.

Timothy Flanagan: So net-net, it's a positive development for us. I think it well positions us, given GrafTech's being based in the US, having avenues into the US that have minimal tariff impacts.

Same would be.

Tim Flanagan: The same would be for anybody, whether it's the tier 1 Japanese competitors or some of the smaller competitors. They're going to be subject to the 15% tariff that was settled with the Japanese here earlier this week. Net-net, it's a positive development for us. I think it well positions us given GrafTech's being based in the US, having avenues into the US that have minimal tariff impacts. Again, it just goes back to what we've said a number of times on this call is our relationships, the value proposition we're developing to our customers. We think that not only will that have an impact on pricing, but also I think it opens up opportunities for us from a volume perspective to continue to grow our volume in the US market.

For anybody whether it's the tier one Japanese competitors or some of the smaller competitors theyre going to be subject to the 15% tariff that was settled with.

The Japanese here earlier this week so.

Timothy Flanagan: And again, it just goes back to what we've said a number of times on this call is our relationships, the value proposition we're developing to our customers, we think that not only will that have an impact on pricing, but also I think it opens up opportunities for us from a volume perspective to continue to grow our volume in the US.

Net net it's a positive development for us I think it well positions us given.

Graph tax being based in the U S. Having avenues into the U S that have minimal tariff impacts and again it just goes back to what we've said a number of times on this call as our relationships the value proposition, we're developing to our customers. We think that not only will that have.

Timothy Flanagan: And then switching gears, just talking about Europe, the market, obviously, the steel market there has been weak. You kind of noted some green investments being delayed, but we have heard some competitors of yours kind of reducing their capacity there. I guess, what are you seeing in the European market? Anything on price utilization would be helpful. Yeah, I mean, so. We've labeled the US and the EU as kind of our key markets and have put a lot of energy into growing our market share in there. We grew Europe 27% year over year. And you're absolutely right, you know, steel production in the first half of the year is down 3% in Europe.

Have an impact on pricing, but also I think it opens up opportunities for us from a volume perspective to continue to grow our volume.

In the U S market.

And then.

Switching gears just.

Abe Landa: Switching gears, just talking about Europe, the market. Obviously, the steel market there has been weak. You kind of noted some green investments being delayed, but we have heard some competitors of yours kind of reducing their capacity there. I guess, what are you seeing in the European market? Anything on price utilization would be helpful.

Just talking about Europe.

The market, obviously, if steel market there has been weak.

You kind of noted some green investments gain debate.

We have heard some.

Comparison here kind of reducing their capacity there I guess, what are you seeing any into European market anything on price utilization.

It would be helpful.

Yes, I mean so.

Tim Flanagan: Yeah. We've labeled the US and the EU as kind of our key markets and have put a lot of energy into growing our market share in there. We grew Europe 27% year over year. You're absolutely right. Steel production in H1 of the year is down 3% in Europe. It's well below historical levels in terms of steel production. There's still a lot of challenges with global uncertainty because of the war in Ukraine, high energy prices, and all of that.

We've labeled the U S and the EU is kind of our key markets and have put a lot of energy into growing our market share in there we grew Europe, 27% year over year.

Timothy Flanagan: It's well below historical levels in terms of steel production. There's still a lot of challenges with global uncertainty because of the war in Ukraine, high energy prices and all of that. But what gives us some encouragement about, you know, the course and the direction for the EU is the actions you're seeing coming out of the EU Commission. You know, the Steel Action Plan, where, you know, trying to address raw material availability, supporting industrial manufacturing, working on power pricing. And probably the most important thing, which is probably caused the delay in some of the transformational projects for decarbonization in Europe is the CBOM, the cross-border adjustment mechanism.

And Youre, absolutely right steel production in the first half of the year is down 3% in Europe, it's well below historical levels in terms of steel production. There is still a lot of challenges with global uncertainty because of the war in Ukraine high energy prices and all of that but.

But what gives us some encouragement about the course and the direction for the EU is the actions youre seeing coming out of the EU Commission. This deal action plan, where.

Tim Flanagan: What gives us some encouragement about the course and the direction for the EU is the actions you're seeing coming out of the European Commission, the Steel Action Plan where trying to address raw material availability, supporting industrial manufacturing, working on power pricing, and probably the most important thing, which has probably caused the delay in some of the transformational projects for decarbonization in Europe is the CBAM, the Carbon Border Adjustment Mechanism. I think as we continue to see those things be addressed, that'll provide some stability into the European market. Still a little ways to go, that's why we want to be there when Europe recovers. That's why we stuck with those customers and continue to work with it. Pricing in Europe, just like many regions in the world, isn't where we want it to be.

Trying to address raw material availability supporting industrial manufacturing working on power pricing and probably the most important thing which is probably caused.

Timothy Flanagan: So I think as we continue to see those things be addressed, that'll provide some stability into the European market. Still a little ways to go, but that's why we want to be there when Europe recovers. And that's why we stuck with those customers and continue to work with it. Pricing in Europe, just like many regions in the world, isn't where we want it to be. And we'll continue to look to get paid for the value we're delivering those customers and think we're making some headway there. And not all of Europe is bad. You know, you're seeing a little bit of a mixed bag.

The delay in some of the transformational projects for.

For de Carbonization in Europe is the C band in the cross border adjustment mechanism. So I think as we continue to see those things be addressed that will provide some stability into the Europe European market.

Still a little ways to go but thats why we want to be there when Europe recovers.

It's why we stuck with those customers and continue to work with it.

In Europe, just like many regions in the world isn't where we want it to be.

Timothy Flanagan: Germany's down 10% year-to-date and probably a reflection of just the overall auto industry in Europe. Italy's up 4%, right? So, you are seeing some pockets of higher production that is encouraging for us, but still some room and some work to go in Europe, but I think we're still encouraged, you know, as we look out into the future. Have you seen any impacts from your competitors cutting capacity? Or is that yet to be seen? Just because I think it's only recent. Yeah, I mean, I don't think we've seen an immediate impact. I mean, I You know, there was a deal.

We will continue to look to get paid for the value we're delivering those customers.

Tim Flanagan: We'll continue to look to get paid for the value we're delivering those customers, and think we're making some headway there. Not all of Europe is bad. You're seeing a little bit of a mixed bag. Germany's down 10% year to date and probably a reflection of just the overall auto industry in Europe. Italy's up 4%, right? You are seeing some pockets of higher production that is encouraging for us, but still some room and some work to go, in Europe. I think we're still encouraged as we look out into the future.

And think we're making some headway there.

And not all of Europe is bad Youre seeing a little bit of a mixed bag Jeremy is down 10% year to date and probably a reflection of just the overall auto industry in Europe, Italy is up 4% rate. So you are seeing some some pockets of higher production.

That is encouraging for us, but still some room and some work to go in Europe, but I think we're still encouraged as we look out into the future.

Have you seen any impacts from.

Timothy Flanagan: I think one of the plants, you know, shut down a couple of years ago. Obviously, that was a net positive. I think more recently, at the end of the first quarter, you saw a transaction to move one of the plants to a financial fund or a strategic fund or whatever. We'll see how that plays out in terms of what their intentions are to do that plant. I don't think necessarily that capacity has gone away in its entirety. But I think all of the European capacity is running at fairly low utilization rates, which is why I think we're happy that we've increased ours to 65% and think we're starting to build some momentum.

Abe Landa: Have you seen any impacts from your competitors cutting capacity, or is that yet to be seen? Just because I think it's only recently happened.

Your competitors cutting capacity.

Or is that yet to be seen because I think it was it's only recently happened.

Yes, I mean, I don't think we've seen an immediate impact.

Tim Flanagan: Yeah. I don't think we've seen an immediate impact. There was a deal, I think one of the plants shut down a couple of years ago. Obviously, that was a net positive. I think more recently, at the end of Q1, you saw a transaction to move one of the plants to a financial fund or a strategic fund or whatever. We'll see how that plays out in terms of what their intentions are to do that plant. I don't think necessarily that capacity has gone away in its entirety. I think all of the European capacity is running at fairly low utilization rates. Which is why I think we're happy that we've increased ours to 65% and think we're starting to build some momentum there.

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There was a deal I think one of the plants shut down a couple of years ago, obviously that was a net positive.

I think more recently at the end of the first quarter you saw transaction to move one of the plants too.

Our financial Fonder strategic fund or whatever we will see how that plays out in terms of what their intentions are to do that plant I don't think necessarily that capacity is has gone away in its entirety, but I think all of the European capacity is running at.

Timothy Flanagan: That's great.

Operator: Thank you for taking my questions this morning.

Timothy Flanagan: Thanks, Sid. Thank you.

Fairly low utilization rates.

Which is why I think we're happy that we've increased our is the 65% zinc.

Operator: There are no further questions at this time.

Operator: I will now hand the call back over to Tim Flanagan, CEO and President, for the closing remarks. Thank you, Jenny. I'd like to thank everyone on this call for your interest in GrafTech.

We're starting to build some momentum there.

Okay.

That's great. Thank you for taking my questions. This morning, Thanks Ed.

Abe Landa: That's great. Thank you for taking my questions this morning.

Tim Flanagan: Thanks, Sid.

Okay.

Operator: We look forward to speaking with you again next quarter. Have a great day. Thank you.

Thank you there are no further questions at this time.

Operator: Thank you. There are no further questions at this time. I will now hand the call back over to Timothy K. Flanagan, CEO and President, for the closing remarks.

I will now hand, the call back over to Tim Flanagan.

Operator: Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect your lines.

And president for any closing remarks.

Thank you Ginny I'd like to thank everyone on this call for your interest in <unk> and we look forward to speaking with you again next quarter have a great day.

Tim Flanagan: Thank you, Jenny. I'd like to thank everyone on this call for your interest in GrafTech. We look forward to speaking with you again next Q. Have a great day.

Thank you.

Operator: Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect your lines.

And gentlemen.

<unk> has now ended.

Thank you all for joining you may all disconnect your lines.

Q2 2025 GrafTech International Ltd Earnings Call

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