GrafTech International Ltd 2025年度报告

FINANCIAL HIGHLIGHTS Financial Performance(dollars in thousands, except per share amounts) Net salesNet lossLoss per share(1)Net cash used in operating activitiesAdjusted net loss(2)Adjusted loss per share(1)(2)Adjusted EBITDA(2)Adjusted free cash flow(2) Sales volume (MT)Production volume (MT)Production capacity (MT)(3)(4)Capacity utilization(5) LETTER TO STOCKHOLDERS shifting these dynamics and will continue to act decisively to support thelong-term viability of our business and our industry. To that end, as part ofbroader efforts to support more sustainable pricing levels and an improvedcommercial landscape as we move ahead, we are pursuing a number ofinitiatives. These include our support of recently filed trade cases requestingtrade protections to address unfair and anticompetitive pricing behaviors.Similarly, on the operational front, we are committed to identifyingfurther opportunities to enhance efficiency, reduce costs, optimize ourmanufacturing footprint, and preserve optionality and flexibility as wenavigate the current environment. Dear Fellow GrafTech Stockholders, GrafTech International Ltd.(“GrafTech,” the “Company,” “we,” or“our”) is proud to be a global leaderin high-quality graphite electrodemanufacturing, essential for electricarc furnace (“EAF”) steel production. 2025 Performance Longer term, we remain confident that the steel industry’s efforts todecarbonize will lead to increased adoption of the electric arc furnacemethod of steelmaking, driving long-term demand growth for graphiteelectrodes. We also anticipate the demand for petroleum needle coke, thekey raw material we use to produce graphite electrodes, to accelerate drivenby its utilization in producing synthetic graphite used in anodes for lithium-ion batteries that power electric vehicles and energy storage systems. Webelieve that the near-term actions we are taking, supported by an industry-leading position and our sustainable competitive advantages, including oursubstantial vertical integration into petroleum needle coke via our Seadriftfacility, will optimally position GrafTech for long-term value creation for ourshareholders, customers, employees and all other stakeholders. In 2025, our team demonstratedremarkable resilience, navigatingone of the most challengingindustry environments in Timothy K. FlanaganChief Executive Officer and President nearly a decade with discipline and strategic focus. Despite industry-wideheadwinds that included global overcapacity, aggressive competitor pricing,and geopolitical uncertainty, we remained unwavering in our dedication tomeeting the needs of our customers and achieving operational excellence.Our strategic focus areas for 2025 included growing our sales volume andmarket share, managing costs, and operating safely. We achieved notablesuccesses in all of these areas. These included a 6% increase in our full-yearsales volume, despite a flat demand environment globally, led by 48% salesvolume growth in the United States, the highest priced region globally. Wealso achieved an 11% reduction in cash cost of goods sold per metric ton in2025, bringing our cumulative reduction to 31% since the end of 2023. Mostimportantly, we achieved our best safety performance on record with a TotalRecordable Incident Rate of 0.41 in 2025. Conclusion This is a pivotal time for GrafTech and our broader industry. Near-termdemand fundamentals are beginning to improve, and long-term drivers arefirmly in place. However, the supply side remains structurally out of balance,and the pricing environment remains inconsistent with the indispensablenature of graphite electrodes and the level of investment required tomaintain stable, reliable supply of graphite electrodes for the steel industry.GrafTech must continue to operate with urgency, adaptability, and awillingness to make difficult decisions. We remain committed to supportingour customers with dependable, high quality electrodes; protecting thelong term viability of our business by identifying opportunities to enhanceefficiency and preserve optionality; and ultimately, positioning GrafTech forlong-term value creation by capitalizing on the structural trends that are setto shape the future of our industry. For the full year, we reported net sales of$504 million and a net loss of$220million, or$8.45 per share(1). Adjusted EBITDA(2)for 2025 was negative$9million, compared to 2024 adjusted EBITDA(2)of$2 million. In 2025, net cashused in operating activities was$82 million, and we invested$39 million inour capital assets. Proactive management of working capital and capitalexpenditures resulted in a year-end liquidity position of$340 million, providingthe stability necessary to manage near-term, industry-wide challenges andpositioning GrafTech for future growth. Looking Ahead: Key Priorities for 2026 and Beyond Despite the near-term market headwinds, we participate in an industry thatis mission critical to EAF steel production, with structural tailwinds tha