[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_100":101},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","jgu076x7deksb1c14nclwk69a","revision",2,"title","GrafTech披露2026年第三季度及前九个月业绩：季度净亏损4,677万美元，前九个月净亏损1.305亿美元","originalTitle","GRAFTECH INTERNATIONAL LTD (0000931148) (Filer)","summary","GrafTech International Ltd.在截至2026年9月30日的10-Q节选中披露，2026年第三季度净销售额1.402亿美元，净亏损4,677万美元，摊薄每股亏损1.76美元；前九个月净销售额3.926亿美元，净亏损1.305亿美元。","reason","材料同时包含季度亏损扩大、前九个月经营现金流出和债务增加，以及公司对全年销量与售价的预期，呈现其经营表现和流动性状况。","source",{"_12":91,"_92":93,"_9":94,"_95":42,"_96":97,"_98":99},"links",{"_88":89,"_79":90},"publishedAt","2026-10-23T15:58:48.000Z","discoveredAt","2026-10-23T16:10:16.257Z","timelineAt","category","ai-products","tags",[85,86,87],"stockSymbols",[84],"score",63,"selected",true,"channel","news","story",{"_74":75,"_16":76},"x","readingMode","full","author","language","body",{"_64":78,"_79":-5,"_80":81,"_82":83},"outline",[],"relatedStories",[77],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":73},"hasTranslation","bodyLanguage","zh","factId","fd1YK_fRINo8",{"_74":75,"_16":76},"reportCount",3,"additionalSourceCount",1,"developmentCount",0,"publicId","3abb3d5b-f205-4b4d-910c-02ce96678223","GrafTech公布2026年第三季度及前九个月业绩",{"_74":75,"_16":76},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表格

（勾选一项）


☒	根据1934年《证券交易法》第13或15(d)条提交的季度报告

截至2026年9月30日的季度期间

或


☐	根据1934年《证券交易法》第13或15(d)条提交的过渡报告过渡期间：从______至______

委员会档案编号：1-13888

$\"graftecimagea16.jpg\"$

GRAFTECH INTERNATIONAL LTD.

（注册人章程中规定的准确名称）


特拉华州	27-2496053
（州或其他司法管辖区注册成立或组织地）	（美国国税局雇主识别号码）


Keynote Circle 982号	44131
布鲁克林海茨，	俄亥俄州	（邮政编码）
（主要行政办公室地址）

注册人电话号码（含区号）：(216) 676-2000

根据该法第12(b)条注册的证券：


各类别名称	交易代码	注册交易所名称
普通股，每股面值$0.01	EAF	纽约证券交易所

请勾选：注册人是否 (1) 已在此前12个月内（或注册人须提交此类报告的较短期间内）提交了《1934年证券交易法》第13或15(d)条要求提交的所有报告，且 (2) 在过去90天内一直受此类申报要求约束。是 ý 否 ¨

请勾选：注册人是否已在此前12个月内（或注册人须提交此类文件的较短期间内）以电子方式提交根据S-T条例第405条（本章§232.405）要求提交的所有交互式数据文件。是 ý 否 ¨

请勾选：注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小型申报公司还是新兴成长型公司。参见《交易法》规则12b-2中“大型加速申报公司”“加速申报公司”“较小型申报公司”和“新兴成长型公司”的定义。

大型加速申报公司

☐

加速申报公司

☒

新兴成长型公司

☐

非加速申报公司

☐

较小型申报公司

☐

如果是新兴成长型公司，请勾选注册人是否选择不采用《交易法》第13(a)条规定的、适用于遵守任何新颁布或修订财务会计准则的延长过渡期。 o

请勾选：注册人是否为空壳公司（定义见《交易法》规则12b-2）。是 ☐ 否 ☒

截至2026年10月16日，已发行普通股26,897,473股。


第一部分：财务信息

第1项财务报表

简明合并资产负债表（未经审计）	5

简明合并经营和综合亏损报表（未经审计）	6

简明合并现金流量表（未经审计）	7

简明合并股东亏损表（未经审计）	8

简明合并财务报表附注（未经审计）	9

第2项管理层对财务状况和经营业绩的讨论与分析	22

第3项关于市场风险的定量和定性披露	37

第4项控制和程序	38

第二部分：其他信息

第1项法律诉讼	39

第1A项风险因素	39

第5项其他信息	40

第6项附件	41
签名	42

财务、市场和行业数据的呈列

我们以合并基础呈列财务信息。除非另有说明，我们提及的美元均指美元。

本季度报告（截至2026年9月30日季度期，以下简称“本报告”）中包含的某些市场和行业数据来自我们认为可靠的第三方来源。市场估算采用独立行业出版物、政府出版物和第三方预测，并结合我们对市场的假设进行计算。我们无法保证这些市场和市场份额数据的准确性或完整性，且未对其进行独立核实。任何来源均未同意披露或使用本报告中的数据。尽管我们并不知悉本文所列任何市场、行业或类似数据存在错误陈述，但此类数据涉及风险和不确定性，并可能因多种因素而变化，包括本报告“关于前瞻性陈述的警示说明”及“风险因素”标题下所述因素，以及我们截至2025年12月31日年度的10-K表格年度报告（“10-K表格年度报告”）中讨论的因素。该年度报告于2026年2月13日向美国证券交易委员会（“SEC”）提交。

关于前瞻性陈述的警示说明

本报告可能包含符合《1995年美国私人证券诉讼改革法案》安全港条款含义的前瞻性陈述。前瞻性陈述反映了我们目前对若干事项的看法，包括财务预测、管理层对未来运营的计划和目标、未来经济表现以及短期和长期流动性。前瞻性陈述的示例包括我们关于未来预估销量、定价和收入，以及预期资本支出和销售成本水平的陈述。您可以通过使用“将”“可能”“计划”“估计”“预计”“相信”“预期”“预见”“打算”“应该”“会”“能够”“目标”“继续”“已准备好”或“有信心”等前瞻性措辞，或这些词语的否定形式及其他类似词语，识别此类前瞻性陈述。本报告所含任何前瞻性陈述均基于我们的历史业绩以及我们根据当前可用信息对当前计划、估计和预期所作的判断。纳入这些前瞻性信息不应被视为我们表示所设想的未来计划、估计或预期将会实现。我们的预期和目标并非对实际业绩的预测；历史上，我们的业绩与预期和目标存在偏差，且往往偏差显著。这些前瞻性陈述受到与我们的运营、财务业绩、财务状况、业务、前景、增长战略和流动性相关的各种风险、不确定性和假设的影响。

因此，存在或将存在可能导致我们的实际业绩与这些陈述所示业绩存在重大差异的重要因素。我们认为，这些因素包括但不限于：

•我们对全球钢铁行业整体，尤其是电弧炉（“EAF”）钢铁行业的依赖；

•我们业务的周期性以及产品销售价格可能持续处于低迷水平或未来进一步下跌，并可能继续经历长期盈利能力下降和净亏损，或对流动性产生不利影响；

•我们的业务和经营业绩对经济状况的敏感性，包括任何经济衰退，以及其他方可能无法及时或根本无法履行对我们的义务；

•我们可能无法有效实施业务战略，包括有效提高或维持现有价格，以及将销售转向平均售价较高地区的能力；

•全球石墨电极行业持续产能过剩，可能进一步对石墨电极价格造成不利影响；

•石墨电极行业的竞争态势；

•我们对制造投入品成本和供应情况的依赖，包括原材料（如澄清油、石油针状焦）、能源和货运，以及此类投入品供应中断的风险；

•我们按计划执行墨西哥蒙特雷工厂关闭（“墨西哥工厂关闭”）的能力；

•我们在西班牙潘普洛纳工厂生产连接销的能力，以及墨西哥工厂关闭后我们主要依赖单一工厂制造连接销的情况；

•电力和天然气成本，尤其是在欧洲；

•我们的制造业务面临各种危险；

•我们在多个国家开展大量业务所涉及的法律、合规、经济、社会和政治风险；

•外汇汇率波动可能对我们的财务业绩造成重大损害；

•如果我们的制造业务因设备故障、气候变化、监管问题、自然灾害、公共卫生危机（如全球大流行病）、政治危机或其他灾难性事件而长时间受到重大干扰，我们的经营业绩可能进一步恶化；

•与诉讼、仲裁及类似争议相关的风险和不确定性，包括与合同承诺相关的争议；

•我们依赖第三方提供某些建设、维护、工程、运输、仓储和物流服务；

•我们的信息技术系统可能发生故障，遭遇网络安全事件、网络中断和数据安全漏洞，包括涉及第三方供应商和业务合作伙伴的情况；

•我们可能无法招聘或留住关键管理人员和工厂运营人员，或无法与员工代表（包括工会）成功进行谈判；

•我们资产负债表上的长期资产对市场变化的敏感性；

•我们依赖于保护自身知识产权，同时第三方可能声称我们的产品或工艺侵犯了其知识产权；

•通货膨胀的影响，以及我们缓解其对成本影响的能力；

•宏观经济和地缘政治事件对我们的业务、经营业绩、财务状况和现金流的影响，以及此类事件可能导致的供应链中断和低效；

•国内外贸易政策的不确定变化，以及在我们、客户和供应商经营所在国家征收现有、新增或提高的关税、贸易税和贸易壁垒，可能对我们的竞争能力、运营、经营业绩和财务状况造成不利影响；

•与战略交易相关的风险，包括收购、剥离、合资、股权投资和债务发行，这些交易可能对我们的业务、经营业绩和财务状况造成不利影响；

•我们的负债可能限制财务和经营活动，或我们的现金流可能不足以偿还债务；

•任何当前或未来借款都可能使我们面临利率风险；

•与我们进入资本市场和信贷市场的能力相关的风险和不确定性可能对我们的经营业绩、现金流和财务状况产生不利影响；

•资本市场和信贷市场的中断可能对我们的客户和供应商产生不利影响；

•我们能否按预期时间（或是否能够）从墨西哥工厂关闭中实现预估的成本节约、资本支出削减、营运资本释放及其他收益；

•融资协议中的限制性契约可能限制或约束我们的运营；以及

•适用于我们制造业务和设施的健康、安全和环境法规发生变化。

这些因素不应被视为详尽无遗，应与我们提交给 SEC 的年度报告 Form 10-K 及其他文件中所载的风险因素和其他警示性声明一并阅读。本报告中的前瞻性声明仅涉及声明作出之日的事件。除法律要求外，我们不承担公开更新或审查任何前瞻性声明的义务，无论是由于新信息、未来发展还是其他原因。

如果上述一项或多项风险或不确定性，或其他风险或不确定性成为现实，或者我们的基本假设被证明不正确，我们的实际结果可能与这些前瞻性声明所表达或暗示的内容存在重大差异。我们提醒您，不应过度依赖任何前瞻性声明。在作出购买我们普通股的投资决定之前，您应特别考虑本报告和年度报告 Form 10-K 中指出的、可能导致实际结果不同的因素。此外，新的风险和不确定性时有发生，我们无法预测这些事件或它们可能对我们产生的影响。

第一部分. 财务信息

第1项. 财务报表

GRAFTECH INTERNATIONAL LTD. 及其子公司

简明合并资产负债表

（美元以千计，每股数据除外）

（未经审计）


	2026年9月30日		2025年12月31日
资产
流动资产：
现金及现金等价物	$	134,312			$	138,427
应收账款，扣除呆账准备后截至2026年9月30日为$3,203，截至2025年12月31日为$3,271	77,819			73,235
存货	247,597			224,692
预付费用及其他流动资产	59,490			48,180
流动资产总额	519,218			484,534
不动产、厂房及设备	982,320			986,946
减：累计折旧	529,504			497,016
不动产、厂房及设备净额	452,816			489,930
递延所得税	9,232			9,318
其他资产	41,154			45,007
资产总额	$	1,022,420			$	1,028,789
负债和股东赤字
流动负债：
应付账款	$	67,734			$	67,017
应计收入及其他税款	9,665			8,047
其他应计负债	45,296			48,363
应付利息	23,604			4,764
流动负债合计	146,299			128,191
长期债务	1,200,550			1,094,706
其他长期义务	38,538			40,388
递延所得税	25,204			25,132
承诺和或有事项——附注 8
股东亏绌：
优先股，面值 $0.01，授权发行 30,000,000 股，未发行	—			—
普通股，面值 $0.01，授权发行 300,000,000 股，截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，已发行并在外流通股数分别为 26,897,473 股和 25,820,110 股	2,596			2,582
额外实缴资本	768,475			759,710
累计其他综合亏损	(15,571)			(8,972)
累计亏损	(1,143,671)			(1,012,948)
股东亏绌合计	(388,171)			(259,628)
负债和股东亏绌合计	$	1,022,420			$	1,028,789

请参阅简明合并财务报表附注

GRAFTECH INTERNATIONAL LTD. 及其子公司

简明合并经营和综合亏损报表

（金额单位：千美元，每股数据除外）

（未经审计）


	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
	2026		2025		2026		2025
简明合并经营报表
净销售额	$	140,163			$	143,998		$	392,626	$	387,677
销售成本	132,526			132,041			392,622		372,691
存货按成本与市价孰低计量的估值调整	2,013			1,650			9,792		6,326
毛利（亏损）	5,624			10,307			(9,788)		8,660
研发费用	1,458			1,639			4,440		4,866
销售及管理费用	12,964			13,784			39,808		41,673
重组及其他退出费用	13,874			—			13,874		—
经营亏损	(22,672)			(5,116)			(67,910)		(37,879)

其他（收入）费用，净额	(774)			142			(12,288)		(1,837)
利息费用	25,916			24,517			74,482		79,776
利息收入	(1,151)			(1,383)			(2,705)		(5,184)
所得税前亏损	(46,663)			(28,392)			(127,399)		(110,634)
所得税费用	105			90			3,117		44,085
净亏损	$	(46,768)			$	(28,482)		$	(130,516)	$	(154,719)

每股基本亏损：
每股净亏损	$	(1.76)			$	(1.10)		$	(4.96)	$	(5.97)
加权平均在外流通普通股数	26,514,073			25,933,254			26,287,719		25,896,520
每股摊薄亏损：
每股净亏损	$	(1.76)			$	(1.10)		$	(4.96)	$	(5.97)
加权平均在外流通普通股数	26,514,073			25,933,254			26,287,719		25,896,520

简明合并综合亏损报表
净亏损	$	(46,768)			$	(28,482)		$	(130,516)	$	(154,719)
其他综合（亏损）收益：
外币折算调整，扣除税项	(2,109)			1,601			(5,934)		36,178
外汇衍生工具，扣除税项	—			(39)			(665)		(121)
其他综合（亏损）收益，扣除税项	(2,109)			1,562			(6,599)		36,057
综合亏损	$	(48,877)			$	(26,920)		$	(137,115)	$	(118,662)

请参阅简明合并财务报表附注

GRAFTECH INTERNATIONAL LTD. 及其子公司

简明合并现金流量表

（金额单位：千美元）

（未经审计）


	截至 9 月 30 日的九个月
	2026		2025
经营活动产生的现金流量：
净亏损	$	(130,516)			$	(154,719)
将净亏损调节为经营活动所用现金的调整项：
折旧及摊销	45,238			45,844
递延所得税费用	62			40,782
非现金股份薪酬费用	4,146			3,434
非现金利息费用	5,843			5,844
存货按成本与市价孰低计量的估值调整	9,792			6,326
非现金重组费用	12,317			—
出售资产收益	(12,777)			—
资产和负债变动：
应收账款，净额	(4,877)			9,142
存货	(31,294)			(15,034)
预付费用及其他流动资产	(9,301)			(6,263)
应付所得税	(1,526)			(691)
应付账款及其他应计费用	8,855			(17,762)
应付利息	18,840			16,816
税务应收协议变动	—			(5,824)
其他	(6,793)			11,383
经营活动所用现金净额	(91,991)			(60,722)
投资活动现金流：
资本支出	(26,856)			(20,514)
出售固定资产所得款项	9,882			298
投资活动所用现金净额	(16,974)			(20,216)
融资活动现金流：
2029年到期的延迟提款第一留置权定期贷款所得款项	100,000			—
发行普通股所得款项，扣除发行成本	5,073			—
与股权奖励净额结算相关的税款支付	(350)			(230)
融资租赁义务本金偿付	(106)			(80)
融资活动提供（使用）的现金净额	104,617			(310)
现金及现金等价物净变动	(4,348)			(81,248)
汇率变动对现金及现金等价物的影响	233			2,635
期初现金及现金等价物	138,427			256,248
期末现金及现金等价物	$	134,312			$	177,635

各期间支付的现金净额：
利息	$	49,798			$	57,117
所得税	$	5,857			$	4,394
非现金投资活动：
应付账款中资本支出的变动	$	(4,406)			$	(5,506)

参见随附的简明合并财务报表附注


GRAFTECH INTERNATIONAL LTD.及其子公司简明合并股东亏绌表（金额单位：千美元，每股数据除外）（未经审计）
	已发行普通股股数	普通股		额外实收资本	累计其他综合亏损		累计亏损		股东亏绌总额
截至2025年12月31日的余额	25,820,110		$	2,582		$	759,710			$	(8,972)	$	(1,012,948)	$	(259,628)
净亏损	—		—		—			—			(43,277)	(43,277)
其他综合亏损	—		—		—			(3,028)			—	(3,028)
股份薪酬	276,359		2		1,837			—			—	1,839
与股权奖励净额结算相关的税款支付	(48,634)		—		(138)			—			(201)	(339)
截至2026年3月31日的余额	26,047,835		$	2,584		$	761,409			$	(12,000)	$	(1,056,426)	$	(304,433)
净亏损	—		—		—			—			(40,471)	(40,471)
其他综合亏损	—		—		—			(1,462)			—	(1,462)
发行普通股	44,280		—		433			—			—	433
普通股发行成本	—		—		(703)			—			—	(703)
股份薪酬	49		—		1,078			—			—	1,078
截至2026年6月30日的余额	26,092,164		$	2,584		$	762,217			$	(13,462)	$	(1,096,897)	$	(345,558)
净亏损	—		—		—			—			(46,768)	(46,768)
其他综合亏损	—		—		—			(2,109)			—	(2,109)
发行普通股	800,965		12		5,107			—			—	5,119
普通股发行成本	—		—		(73)			—			—	(73)
股份薪酬	6,171		—		1,229			—			—	1,229
与股权奖励净额结算相关的税款支付	(1,827)		—		(5)			—			(6)	(11)
截至2026年9月30日的余额	26,897,473		$	2,596		$	768,475			$	(15,571)	$	(1,143,671)	$	(388,171)










截至2024年12月31日的余额	25,726,420		$	2,572		$	755,338			$	(43,359)	$	(793,453)	$	(78,902)
净亏损	—		—		—			—			(39,351)	(39,351)
其他综合收益	—		—		—			12,546			—	12,546
股份薪酬	104,893		9		571			—			—	580
与股权奖励净额结算相关的税款支付	(19,955)		—		(565)			—			352	(213)
截至2025年3月31日的余额	25,811,358		$	2,581		$	755,344			$	(30,813)	$	(832,452)	$	(105,340)
净亏损	—		—		—			—			(86,886)	(86,886)
其他综合收益	—		—		—			21,949			—	21,949
股份薪酬	3,851		1		1,841			—			—	1,842
截至2025年6月30日的余额	25,815,209		$	2,582		$	757,185			$	(8,864)	$	(919,338)	$	(168,435)
净亏损	—		—		—			—			(28,482)	(28,482)
其他综合收益	—		—		—			1,562			—	1,562
股份薪酬	603		—		1,012			—			—	1,012
与股权奖励净额结算相关的税款支付	—		—		(5)			—			(12)	(17)
截至2025年9月30日的余额	25,815,812		$	2,582		$	758,192			$	(7,302)	$	(947,832)	$	(194,360)

参见随附的简明合并财务报表附注

第一部分（续）

GRAFTECH INTERNATIONAL LTD.及其子公司

简明合并财务报表附注

（未经审计）

(1)组织与重大会计政策概要

A. 组织

GrafTech International Ltd.（“公司”或“GrafTech”）是全球领先的高品质石墨电极产品制造商，其产品对电弧炉（“EAF”）钢及其他黑色金属和有色金属的生产至关重要。依托其核心石墨电极和针状焦业务能力，GrafTech 在研发、工程以及特种碳材料和石墨材料加工方面也拥有丰富经验，为工业制造、储能、负极材料、国防及其他新兴技术领域的特定应用提供支持。本文中提及的“我们”“我们的”或“我方”统称公司及其子公司。公司的普通股在纽约证券交易所（“NYSE”）上市，股票代码为“EAF”。

公司的唯一可报告分部为工业材料，包含两大主要产品类别：石墨电极和石油针状焦产品。石油针状焦是我们生产石墨电极所用的关键原材料。公司的愿景是为电弧炉运营商提供高度工程化的石墨电极产品、服务和解决方案。

B. 列报基础

中期简明合并财务报表未经审计；但管理层认为，这些报表按照《S-X条例》第10-01条并依据美国公认会计原则（“GAAP”）编制。本文所列2025年12月31日合并资产负债表数据源自公司10-K年度报告中的经审计合并财务报表，但未包含GAAP要求在经审计财务报表中披露的所有内容。阅读这些中期简明合并财务报表时，应结合公司10-K年度报告中包含的经审计合并财务报表及其附注。

未经审计的简明合并财务报表反映了所有管理层认为为公允列报所示中期财务报表所必需的调整（均为正常、经常性调整）。中期业绩不一定能代表其他任何中期或全年可能取得的业绩。

C. 新会计准则

近期发布但尚未采纳的会计公告

2024年11月，财务会计准则委员会（“FASB”）发布了会计准则更新（“ASU”）2024-03，利润表——综合收益报告——费用分类披露（子主题 220-40）：利润表费用的分类。根据该 ASU，上市实体须披露每个包含相关费用的利润表项目中存货采购、员工薪酬、折旧、无形资产摊销和资源耗竭的信息。该 ASU 适用于 2026年12月15日之后开始的年度报告期间，以及 2027年12月15日之后开始的中期报告期间。该 ASU 允许提前采用，并要求对该 ASU 生效日之后报告期间发布的财务报表采用未来适用法，或对财务报表中列报的任何或所有以前期间追溯采用。公司目前正在评估该 ASU 对其财务报表和披露的影响，但预计影响不会重大。

2026年5月，FASB 发布了 ASU 2026‑02，环境信用及环境信用义务（主题 818）。该准则为环境信用及环境信用义务的确认、计量、列报和披露建立了全面框架。该指引旨在通过为实体取得、产生或收到的环境信用，以及可使用此类信用结算的义务提供具体会计要求，减少实务中的多样性。对于公众企业，该准则适用于 2027年12月15日之后开始的财政年度，包括这些财政年度内的中期期间。允许提前采用。公司目前正在评估采用 ASU 2026‑02 对其合并财务报表及相关披露的影响。公司尚未确定新指引可能对其财务状况、经营业绩、现金流或财务报表披露产生的影响（如有）。

第一部分（续）

GRAFTECH INTERNATIONAL LTD. 及其子公司

简明合并财务报表附注

（未经审计）

（2）与客户签订合同产生的收入

收入分类

下表列示按产品类型分类的收入信息：


	截至9月30日的三个月		截至9月30日的九个月
（金额单位：千美元）	2026		2025		2026		2025
石墨电极	$	120,409			$	132,909		$	347,546	$	353,611
副产品及其他	19,754			11,089			45,080		34,066
收入总额	$	140,163			$	143,998		$	392,626	$	387,677

（3）分部报告

我们的工业材料部门是唯一的运营和可报告部门，生产用于电弧炉（EAF）炼钢及其他黑色金属和有色金属生产的高品质石墨电极。石油针状焦是一种由澄清油衍生的结晶形态碳，是生产石墨电极所用的关键原材料。我们将内部生产的绝大部分针状焦用于制造石墨电极，因此，截至2026年9月30日的九个月中，来自外部客户的收入约有89%源自石墨电极销售。

我们的首席经营决策者是首席执行官。首席经营决策者根据净利润或亏损评估工业材料部门的业绩，并据此决定资源分配；净利润或亏损列示于简明合并经营和综合亏损报表。

首席经营决策者使用净亏损评估增长趋势、制定预算、评估运营效率以及评估我们的整体财务表现。

下表列示了本公司截至2026年和2025年9月30日止三个月和九个月单一运营部门的部分财务信息：


	截至 9月30日的三个月，		截至 9月30日的九个月，
（金额以千美元计）	2026		2025		2026		2025
净销售额	$	140,163			$	143,998		$	392,626	$	387,677
销货现金成本(1)	105,220			109,296			321,660		306,856
其他部门费用	27,306			22,745			70,962		65,835
存货成本与市价孰低估值调整	2,013			1,650			9,792		6,326
研发	1,458			1,639			4,440		4,866
销售和管理费用	12,964			13,784			39,808		41,673
重组及其他退出费用	13,874			—			13,874		—
其他（收益）费用，净额	(774)			142			(12,288)		(1,837)
利息费用	25,916			24,517			74,482		79,776
利息收入	(1,151)			(1,383)			(2,705)		(5,184)
所得税费用	105			90			3,117		44,085
净亏损	$	(46,768)			$	(28,482)		$	(130,516)	$	(154,719)

(1) 销货现金成本定义为销货成本减去折旧和摊销，再减去与销售额中制造流程副产品交付部分相关的销货成本，是首席经营决策者用于评估部门费用的主要费用项目。

第一部分（续）

GRAFTECH INTERNATIONAL LTD.及其子公司

简明合并财务报表附注

（未经审计）

(4) 无形资产

下表汇总了按主要类别划分的使用寿命可确定的无形资产，这些资产计入简明合并资产负债表中的“其他资产”：



	2026年9月30日		2025年12月31日
（金额以千美元计）	总账面金额		累计摊销		账面净额		总账面金额	累计摊销		账面净额
商品名称	$	22,500			$	(19,491)		$	3,009		$	22,500		$	(18,986)	$	3,514
技术	55,300			(52,434)			2,866		55,300		(50,969)		4,331
客户关系	64,500			(48,452)			16,048		64,500		(45,295)		19,205
合计	$	142,300			$	(120,377)		$	21,923		$	142,300		$	(115,250)	$	27,050

截至2026年和2025年9月30日的三个月，无形资产摊销费用分别为$1.7 million和$1.8 million；截至2026年和2025年9月30日的九个月，摊销费用分别为$5.1 million和$5.6 million。预计2026年剩余时间的摊销费用约为$1.6 million，2027年为$6.1 million，2028年为$5.5 million，2029年为$4.9 million，2030年为$2.9 million，2031年为$0.3 million。

(5) 债务与流动性

下表列示了我们的长期债务：


（单位：千美元）	2026年9月30日		2025年12月31日
2029年到期的初始第一留置权定期贷款	$	175,000			$	175,000
2029年到期的延迟提款第一留置权定期贷款	100,000			—
2028年到期的现有4.625%优先票据	1,755			1,755
2029年到期的新4.625%第二留置权票据	498,245			498,245
2028年到期的现有9.875%优先票据	3,833			3,833
2029年到期的新9.875%第二留置权票据	446,167			446,167
未摊销债务折价和发行成本	(24,450)			(30,294)
长期债务总额	$	1,200,550			$	1,094,706

截至2026年9月30日和2025年12月31日，我们债务的公允价值分别约为$983.0 million和$946.6 million。公允价值采用相同或类似债务工具的第1级报价市场价格确定。

初始第一留置权定期贷款额度；延迟提款第一留置权定期贷款额度

2026年第二季度，公司提取了延迟提款第一留置权定期贷款额度下剩余可用的$100.0 million。提取后，延迟提款承诺已全部使用，延迟提款部分不再有额外金额可供借款。

借款所得用于一般公司用途，包括营运资金需求。该借款计息，并受初始第一留置权定期贷款所适用的相同条款、契约、到期日和还款规定约束，详见初始第一留置权定期贷款额度。

2018年循环信贷额度

截至2026年9月30日和2025年12月31日，在计入下文所述财务契约和信用证后，我们2018年循环信贷额度的可用额度分别为$107.6 million和$101.6 million。由于2018年循环信贷额度下的任何借款仍须遵守该额度项下的财务契约，截至2026年9月30日和2025年12月31日，我们的经营业绩导致我们无法使用该额度下全部承诺金额。截至2026年9月30日和2025年12月31日，2018年循环信贷额度下均无未偿借款，且分别有$7.9 million和$13.8 million的信用证从2018年循环信贷额度中提取。

第一部分（续）

GRAFTECH INTERNATIONAL LTD.及其子公司

简明合并财务报表附注

（未经审计）

截至2026年9月30日和2025年12月31日，我们遵守了所有债务契约。

（6）存货

存货构成如下：


（金额单位：千美元）	2026年9月30日		2025年12月31日
存货：
原材料和用品	$	87,554			$	76,115
在制品	120,388			116,933
制成品	39,655			31,644


总计	$	247,597			$	224,692

2026年第三季度和前九个月，我们分别记录了200万美元和980万美元的存货成本或市价孰低估值调整；相比之下，2025年第三季度和前九个月分别为170万美元和630万美元，以将存货列示为可变现净值。

（7）利息支出

下表列示了利息支出的组成部分：


	截至9月30日止三个月		截至9月30日止九个月
（金额单位：千美元）	2026		2025		2026		2025
债务利息	$	23,968			$	22,569		$	68,638	$	67,640
原始发行折价增计	1,263			1,263			3,790		3,790
债务发行成本摊销	685			685			2,054		2,054
债务修改成本	—			—			—		6,292
利息支出总额	$	25,916			$	24,517		$	74,482	$	79,776

现有9.875%票据和新发行的9.875%票据的固定利率为9.875%。现有4.625%票据和新发行的4.625%票据的固定利率为4.625%。截至2026年9月30日，初始第一留置权定期贷款的实际利率为9.81%。截至2026年9月30日，延期提款第一留置权定期贷款的利率为9.73%。公司就未提取的延期提款承诺支付了年利率为3.75%的承诺费。

有关债务的详情，请参阅附注5“债务和流动性”。

（8）承诺和或有事项

法律诉讼

我们涉及各种调查、诉讼、索赔、要求、劳资纠纷及其他法律程序，包括与环境和人体暴露或其他人身伤害事项有关的程序，这些事项源于或附带于我们的业务经营。虽然无法确定这些事项和程序的最终结果，但我们认为，其最终结果不会对我们的财务状况、经营业绩或现金流产生重大不利影响。此外，我们还涉及以下法律程序：

第一部分（续）

GRAFTECH INTERNATIONAL LTD.及其子公司

简明合并财务报表附注

（未经审计）

巴西《第IV条款》

巴西未决诉讼由员工提起，旨在依据1989年和1990年适用的某些工资增长条款，追讨额外款项及其利息；这些条款载于集体谈判协议，巴西巴伊亚地区的雇主（包括我们在巴西的子公司）均为协议当事方。巴西的公司已就这些条款引发的索赔达成和解。2015年5月，巴西最高法院将诉讼发回重审，裁定支持员工工会。巴西最高法院于2019年6月26日驳回巴伊亚地区雇主提出的临时上诉后，于2019年9月26日最终裁定支持员工工会。雇主工会决定不申请撤销该裁决。另于2015年10月1日，现任及前任员工针对我们在巴西的子公司提起相关诉讼，要求依据上述条款追讨款项及其利息；这些款项连同利息可能对我们构成重大影响。如果上述巴西最高法院诉讼裁定支持雇主工会，也将使本案对我们有利。2017年第一季度，州下级法院最初裁定支持员工。我们在巴西的子公司提起上诉，劳动上诉法院驳回了上诉。我们在巴西的子公司进一步向最高劳动法院（“TST”）提起上诉。TST第五合议庭推翻了先前裁决，认定劳动工会的索赔已完全超过诉讼时效。员工进一步提起上诉；2022年9月12日，我们提交了反对意见。2026年3月19日，TST的SDI-1准许员工提起的上诉，驳回我们在巴西的子公司提出的一项诉讼时效抗辩，并将案件发回第五合议庭，就次要抗辩作进一步裁定。2026年5月8日，我们在巴西的子公司向TST的SDI-1提出澄清动议，该动议于2026年9月被驳回。2026年5月，劳动工会申请临时执行，以核算应向员工支付的赔偿金额。该程序仍处于早期阶段，截至2026年9月30日尚未进行金额核算。我们打算积极捍卫自身立场。截至2026年9月30日，由于索赔目前未说明寻求损害赔偿的员工人数或索赔金额，我们无法评估这些诉讼可能造成的损失。

巴西所得税审计

2024年10月23日，GrafTech Brasil Participações Ltda. 收到巴西联邦税务局（“IRS”）发出的所得税评估通知，总额约为$31.2 million，其中包括约$18.8 million的利息和罚款。该通知源于2023年至2024年间开展的一项审计，涉及2019年至2020年期间。税务审计员在此次评估中提出了两个问题。第一项以公司没有无欠税证明为由，否决了投资税收优惠（所得税减免75%）。第二项否决了将增值税优惠（称为Desenvolve）用于增加投资税收优惠。2025年10月3日，我们在巴西的子公司收到传票，确认已获悉区域裁决办公室作出的决定；该决定完全维持了对我们在巴西子公司作出的评估，未作任何减免。公司认为IRS的评估以及区域裁决办公室的决定有误，并认为与这些事项相关的损失不太可能发生。公司打算就这两个问题积极维护自身立场，并于2025年11月就区域裁决办公室的决定提起上诉；该上诉已分配至Conselho Administrativo de Recursos Fiscais（行政税务上诉委员会）第一审查组第三庭第二普通小组。

(9) 所得税

我们按季度根据当前及预测的业务水平和活动（包括国内外业绩构成以及已颁布的税法），对普通收入或亏损计算并适用预计年度有效税率。我们每季度根据实际业绩和更新后的运营预测更新预计年度有效税率。普通收入或亏损是指所得税前收入或亏损，不包括重大、异常或不常发生的项目。异常或不常发生项目的税务影响作为单独税项，计入其发生的中期期间。

第一部分（续）

GRAFTECH INTERNATIONAL LTD.及其子公司

简明合并财务报表附注

（未经审计）

下表汇总了所得税费用：


	截至9月30日的三个月		截至9月30日的九个月
（金额单位：千美元）	2026		2025		2026		2025
所得税费用	$	105			$	90			$	3,117		$	44,085
所得税前亏损	(46,663)			(28,392)			(127,399)			(110,634)
有效税率	0.2	%		0.3	%		2.4	%		39.8	%

2026年第三季度和前九个月的有效税率与美国法定税率21%不同，主要是由于对美国和瑞士亏损未确认税收优惠（存在估值备抵），以及国外收益构成不同。

2025年第三季度和前九个月的有效税率与美国法定税率21%不同，主要是由于公司对先前可实现的美国和瑞士递延所得税资产分别计提了$34.2 million和$8.4 million的估值备抵。截至2026年9月30日，对这些亏损仍未确认任何税收优惠。

我们在美国联邦辖区以及各州和外国辖区提交所得税申报表。2022 年之前的所有美国联邦纳税年度通常已超过法定追溯期限，或已接受审计并与相关国内税务机关结清。其他辖区通常在 2020 年之前的年度已结清。

2026 年前九个月，我们的估值备抵没有重大变化。

(10) 公允价值计量和衍生工具

在正常业务过程中，我们面临与汇率波动相关的某些风险。作为整体风险管理策略的一部分，我们使用各种衍生金融工具，主要是外汇衍生工具，以管理这些市场波动带来的风险。

由于这些金融工具的交易对手方是大型商业银行及类似金融机构，我们认为自身并未面临重大的交易对手方信用风险。我们预计这些工具的任何交易对手方都不会违约。

外汇衍生工具

我们不时订立外汇衍生工具，力求管理汇率变化带来的风险敞口。这些外汇工具包括但不限于远期外汇合约和购入的货币期权，用于对冲全球货币风险敞口，例如以外币计价的债务、应收款、应付款、销售和采购。

我们使用外汇远期合约和掉期合约，以降低资产负债表项目的汇率风险。这些衍生工具属于公允价值套期。此类衍生工具的收益和损失计入销售成本，并在很大程度上被外币计价应付款和应收款折算所产生的财务影响抵销。

2026 年第三季度和前九个月，我们订立了期限为一个月至 12 个月的外汇衍生工具，以防范未来汇率变化对以美元以外货币计价的某些销售和采购相关现金流产生不利影响的风险。这些衍生工具被指定为现金流量套期。由此产生的衍生工具未实现收益或损失计入累计其他综合亏损（“AOCL”）；随后在实现时，当被套期风险敞口影响收益时，将其从压缩合并经营报表中的累计其他综合亏损重新分类至净销售额或销售成本。

所有衍生工具均按公允价值记入资产负债表。如果衍生工具被指定为现金流量套期且套期有效，其公允价值变动将在被套期项目计入收益前确认为累计其他综合亏损。衍生工具公允价值中的无效部分（如有）立即计入收益。如果衍生工具不属于套期工具，其公允价值变动将通过收益进行调整。未结清衍生工具的公允价值在资产负债表中记为资产（衍生工具处于收益头寸时）或负债（衍生工具处于损失头寸时）。公允

第一部分（续）

GRAFTECH INTERNATIONAL LTD.及其子公司

简明合并财务报表附注

（未经审计）

这些金额还将根据到期日分类为短期或长期。我们所有衍生工具的公允价值均采用第 2 级输入确定。

截至2026年9月30日和2025年12月31日，我们未平仓衍生工具的名义金额如下：


	2026年9月30日		2025年12月31日
（美元，单位：千）	名义金额		名义金额
指定为套期工具的衍生工具：
外币衍生工具	$	10,473		$	—

未指定为套期工具的衍生工具：
外币衍生工具	$	29,222		$	35,498

截至2026年9月30日，我们指定为套期工具的未平仓衍生工具的公允价值为税前未实现亏损0.3 million，该金额计入简明合并资产负债表的其他应计负债。

截至2026年9月30日，与我们的外币衍生工具相关的税前未实现净亏损0.6 million列报于AOCL，并将在未来12个月内转入收益。2026年或2025年第三季度或前九个月均未记录无效部分费用。

指定现金流量套期的税前已实现收益在被套期项目影响收益时于经营报表中确认。以下为截至2026年和2025年9月30日止期间的金额：


			确认的亏损金额
	简明合并经营报表中已实现亏损的确认位置		截至9月30日止三个月，
（美元，单位：千）		2026		2025
指定为现金流量套期的衍生工具：
外币衍生工具	销售成本		$	103	$	2

			确认的亏损（收益）金额
	简明合并经营报表中已实现亏损（收益）的确认位置		截至9月30日止九个月，
（美元，单位：千）		2026		2025
指定为现金流量套期的衍生工具：
外币衍生工具	销售成本		$	88	$	(243)

第一部分（续）

GRAFTECH INTERNATIONAL LTD.及其子公司

简明合并财务报表附注

（未经审计）

未指定衍生工具在收益中确认的税前收益如下：


			确认的收益金额
	简明合并经营报表中收益的确认位置		截至9月30日止三个月，
（美元，单位：千）		2026		2025
未指定为套期工具的衍生工具：
外币衍生工具	销售成本		$	(108)	$	(337)

			确认的亏损（收益）金额
	简明合并经营报表中亏损（收益）的确认位置		截至9月30日止九个月，
（美元，单位：千）		2026		2025
未指定为套期工具的衍生工具：
外币衍生工具	销售成本		$	188	$	(865)

下表汇总了截至2026年9月30日和2025年12月31日，我们未指定为套期工具的未平仓衍生工具的公允价值（按总额计算）及其资产负债表分类：


	2026年9月30日		2025年12月31日
（千美元）	公允价值		公允价值
预付费用及其他流动资产
外币衍生工具	$	16			$	217

其他应计负债
外币衍生工具	(398)			(26)
净（负债）资产	$	(382)			$	191

第一部分（续）

GRAFTECH INTERNATIONAL LTD.及其子公司

简明合并财务报表附注

（未经审计）

（11）累计其他综合亏损

2026年和2025年第三季度及前九个月累计其他综合亏损各组成部分的变动（包括重新分类金额）如下：


（千美元）	外币现金流量套期的收益和损失		外币折算		合计
截至2026年6月30日的余额	$	(641)			$	(12,821)		$	(13,462)
重新分类前的其他综合亏损	241			(2,109)			(1,868)
从累计其他综合亏损中重新分类的金额	(241)			—			(241)
税前本期其他综合亏损净额	—			(2,109)			(2,109)
递延税款	—			—			—
税后本期其他综合亏损净额	—			(2,109)			(2,109)
截至2026年9月30日的余额	$	(641)			$	(14,930)		$	(15,571)

截至2025年6月30日的余额	$	132			$	(8,996)		$	(8,864)
重新分类前的其他综合收益	—			1,601			1,601
从累计其他综合收益中重新分类的金额	(46)			—			(46)
税前本期其他综合（亏损）收益净额	(46)			1,601			1,555
递延税款	(7)			—			(7)
税后本期其他综合（亏损）收益净额	(39)			1,601			1,562
截至2025年9月30日的余额	$	93			$	(7,395)		$	(7,302)


（千美元）	外币现金流量套期的收益和损失		外币折算		合计
截至2025年12月31日的余额	$	24			$	(8,996)		$	(8,972)
重新分类前的其他综合亏损	(258)			(5,934)			(6,192)
从累计其他综合亏损中重新分类的金额	(407)			—			(407)
税前本期其他综合亏损净额	(665)			(5,934)			(6,599)
递延税款	—			—			—
税后本期其他综合亏损净额	(665)			(5,934)			(6,599)
截至2026年9月30日的余额	$	(641)			$	(14,930)		$	(15,571)

截至2024年12月31日的余额	$	214			$	(43,573)		$	(43,359)
重新分类前的其他综合收益	151			36,178			36,329
从累计其他综合收益中重新分类的金额	(291)			—			(291)
税前本期其他综合（亏损）收益净额	(140)			36,178			36,038
递延税款	(19)			—			(19)
税后本期其他综合（亏损）收益净额	(121)			36,178			36,057
截至2025年9月30日的余额	$	93			$	(7,395)		$	(7,302)

第一部分（续）

GRAFTECH INTERNATIONAL LTD.及其子公司

简明合并财务报表附注

（未经审计）

（12）每股亏损

下表列示了截至2026年和2025年9月30日的三个月和九个月每股基本及摊薄亏损的分子和分母调节情况：


	截至9月30日的三个月，		截至9月30日的九个月，
（千美元，每股金额除外）	2026		2025		2026		2025
每股基本及摊薄亏损的分子：
净亏损	$	(46,768)			$	(28,482)		$	(130,516)	$	(154,719)
分母：
用于基本计算的加权平均流通普通股数	26,514,073			25,933,254			26,287,719		25,896,520

稀释计算的加权平均普通股流通股数	26,514,073			25,933,254			26,287,719		25,896,520
基本每股亏损	$	(1.76)			$	(1.10)		$	(4.96)	$	(5.97)
稀释每股亏损	$	(1.76)			$	(1.10)		$	(4.96)	$	(5.97)

基本每股亏损的计算方法是用净亏损除以加权平均普通股流通股数。稀释每股亏损的计算方法是用净亏损除以加权平均普通股流通股数与假设潜在稀释性证券已发行时将额外流通的普通股数之和。

截至2026年9月 30日的三个月和九个月，稀释每股亏损计算中的加权平均普通股流通股数分别不包括约5,847股和7,416股的稀释影响；截至2025年9月30日的三个月和九个月，分别不包括71,431股和38,435股的稀释影响。这些股份主要与限制性股票单位（“RSU”）有关，因为公司出现净亏损，纳入这些股份将产生反稀释效果。

此外，截至2026年9月 30日的三个月和九个月，稀释每股亏损计算中的加权平均普通股流通股数分别不考虑419,731股和477,646股等值股份；截至2025年9月30日的三个月和九个月，分别不考虑344,189股和379,827股等值股份，因为其影响将产生反稀释效果。

(13) 股票薪酬

2026年前九个月，董事会人力资源与薪酬委员会根据我们的综合股权激励计划，向非雇员董事授予了38,291个递延股份单位（“DSU”）和55,866个递延限制性股票单位（“DRSU”）。2026年前九个月，我们未根据综合股权激励计划向员工授予股权。

我们根据授予日公司普通股的收盘市场价格计量DSU和DRSU授予的公允价值（如果授予日市场未开市交易，则采用前一个市场开市交易日的收盘价）。截至2026年9月 30日的九个月内，授予非雇员董事的DSU和DRSU每股加权平均公允价值分别为$6.86和$8.95。

During the first nine months of 2026, the Company issued an aggregate of 250,000 common stock purchase warrants to a consultant pursuant to an agreement with respect to consulting services. The warrants were measured at their fair value on the grant date, resulting in stock-based compensation expense of $0.7 million, which was recorded in selling and administrative expense in the Condensed Consolidated Statements of Operations.

In the three months ended September 30, 2026 and 2025, we recognized $1.6 million and $1.0 million, respectively, of stock-based compensation expense. The majority of the expense, $1.3 million and $0.7 million, respectively, was recorded in selling and administrative expense in the Condensed Consolidated Statements of Operations, with the remaining expense recorded in cost of goods sold.

In the nine months ended September 30, 2026 and 2025, we recognized $4.9 million and $3.4 million, respectively, of stock-based compensation expense. The majority of the expense, $4.2 million and $2.6 million, respectively, was recorded in selling and administrative expense in the Condensed Consolidated Statements of Operations, with the remaining expense recorded in cost of goods sold.

PART I (CONT'D)

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

As of September 30, 2026, the unrecognized compensation cost related to the unvested portion of all stock-based awards was approximately $2.9 million and is expected to be recognized over the remaining vesting period of the respective grants.

(14) Supplementary Balance Sheet Detail

Supplier Finance Program (“SFP”) Obligations

GrafTech Mexico S.A. de C.V. (“GrafTech Mexico”) participates in an electronic vendor voucher payment program supported by the Mexican Government through one of its national banks, whereby suppliers can factor their invoices through a financial intermediary. This program gives GrafTech Mexico’s suppliers the option to settle trade receivables by obtaining payment from the financial intermediary prior to the invoice due date for a discounted amount. GrafTech Mexico’s responsibility is limited to making payment on the terms originally negotiated with its supplier, regardless of whether the supplier elects to receive early payment. The range of payment terms GrafTech Mexico negotiates with its suppliers is consistent, irrespective of whether a supplier participates in the program.

As of September 30, 2026 and December 31, 2025, $7.7 million and $3.9 million, respectively, of SFP obligations were included in accounts payable on the Condensed Consolidated Balance Sheets and, upon settlement, are reflected as cash flow from operating activities in the Condensed Consolidated Statements of Cash Flows.

PART I (CONT'D)

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(15) Other (Income) Expense, net

The following table presents the details of other (income) expense, net:


	Three Months Ended September 30,	Nine Months Ended September 30,
(in thousands)	2026		2025	2026		2025
Gain on sale of assets	$	(500)			$	—	$	(12,777)	$	—
Bank charges	189			261		737		596
Tax Receivable Agreement adjustment	—			—		—		(3,791)
Other	(463)			(119)		(248)		1,358
Total other (income) expense, net	$	(774)			$	142	$	(12,288)	$	(1,837)

In the first nine months of 2026, the Company completed the sale of certain landfill assets located at sites that were previously divested as part of prior business disposals. These landfill assets primarily consisted of land and other related fixed assets retained by the Company following the earlier divestitures.

The carrying value of the disposed assets consisted primarily of land and other fixed assets with a net book value of less than $0.1 million. In connection with the sale, the Company also settled associated obligations related to closure and post-closure activities at the landfill sites.

Total consideration received in the transactions was $9.7 million in cash. The Company recognized a pre-tax gain on sale of $12.8 million, which was comprised of (i) cash proceeds in excess of the carrying value of the land assets, net of fees and (ii) the derecognition of $3.1 million of liabilities associated with the sites.

Cash proceeds from the sale are presented within investing activities in the Condensed Consolidated Statements of Cash Flows.

The Company had no significant continuing involvement with the disposed landfill assets following the sale.

(16) Restructuring

On August 6, 2026, the Company’s Board of Directors approved a plan to permanently cease manufacturing operations at its graphite electrode and pin manufacturing facility in Monterrey, Mexico. The Company expects this action to better align its manufacturing capacity with market conditions. The Company expects the planned closure to improve manufacturing utilization, reduce the Company’s cost structure and capital requirements, and concentrate production at the Company’s larger and more efficient manufacturing facilities, while preserving the product capabilities required to serve its customers. The Company expects to wind down operations at its Monterrey facility in phases, with production expected to conclude early in the second quarter of 2027, although the timing remains subject to operational requirements and compliance with applicable labor, regulatory and other legal obligations in Mexico.

In connection with this restructuring plan, the Company recognized restructuring and other exit charges of $13.9 million during the three and nine months ended September 30, 2026, consisting primarily of write-offs of fixed assets and severance and related costs.

PART I (CONT'D)

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table summarizes our restructuring and other exit charges for the third quarter and first nine months of 2026:


	Three Months Ended September 30,	Nine Months Ended September 30,
(in thousands)			2026		2025	2026		2025
Severance and related costs			$	1,557			$	—	$	1,557	$	—
Fixed asset write-offs			12,317			—		12,317		—
Total			$	13,874			$	—	$	13,874	$	—

The following table presents a roll-forward of the liability incurred for restructuring and other exit charges, which are recorded in other accrued liabilities on the Condensed Consolidated Balance Sheets:




(in thousands)
Balance as of December 31, 2025	$	—
Charges incurred	1,557
Payments and settlements	(188)
Balance as of September 30, 2026	$	1,369

The above amount is expected to be substantially paid by the end of the second quarter of 2027.

The Company expects to incur approximately $20 million to $25 million of costs associated with the Mexico Facility Closure, primarily consisting of employee termination benefits, facility closure and other environmental costs. These amounts are expected to be recognized through the end of 2027.

The Company intends to sell the Monterrey property following the wind-down and permanent removal of graphite electrode production capabilities at the site and has begun preliminary activities in preparation for a potential sale. Any potential proceeds from a future sale would be used to provide additional liquidity and reduce the Company’s existing debt as permitted under our credit agreements and indentures.

PART I (CONT’D)

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The Company

We are a leading global manufacturer of high-quality graphite electrode products essential to the production of EAF steel and other ferrous and non‑ferrous metals. With 140 years of experience in carbon science and manufacturing, we believe that we have a competitive portfolio of large-scale, low-cost, ultra-high power graphite electrode manufacturing facilities, and we are the only major graphite electrode producer vertically integrated into petroleum needle coke, our key raw material for graphite electrode manufacturing.

The environmental and economic advantages of EAF steel production position both that industry and the graphite electrode industry for long-term growth.

We believe GrafTech’s leadership position and vertical integration provide important advantages in product quality, supply reliability and cost competitiveness. We believe the services and solutions we provide will position our customers and us for a better future.

Operational and Commercial Update

Sales volume for the third quarter of 2026 was 28.8 thousand metric tons (“MT”), which was consistent with the third quarter of 2025.

For the third quarter of 2026, our weighted-average realized price was approximately $3,900 per MT. This represented a decrease of 7% compared to the third quarter of 2025. The year-over-year pricing decline reflected persistent competitive pressures across most of our principal commercial regions.

Production volume was 27.0 thousand MT for the third quarter of 2026, resulting in a capacity utilization rate of 64%, up from 63% for the third quarter of 2025. While production volume has exceeded sales volume for the first nine months of 2026, our expectation remains to balance our production and sales volume levels on a full-year basis.

Outlook

Global steel demand, outside of China, is projected to grow modestly in 2026, with anticipated growth in many of our key commercial regions. In the United States, modest demand growth, coupled with favorable trade policies, has driven a 6% increase in steel production year-to-date through August. In Europe, while steel production is flat over this period, the steel market outlook is improving, reflecting recently approved increases in trade protections.

Based on current steel market conditions, we continue to expect modest growth in graphite electrode demand for the full year of 2026. For GrafTech, we are maintaining our expectation for a 5–10% year-over-year increase in graphite electrode sales volume as we continue to gain market share.

We are encouraged by improving pricing trends across our key commercial regions and believe we have reached an inflection point in our realized pricing. During the third quarter and early in the fourth quarter, we have secured customer commitments at higher price levels than comparable commitments secured in earlier periods. We expect these higher-priced commitments to contribute to improved realized graphite electrode pricing as they begin to flow through our results. For the fourth quarter, we anticipate a mid-single-digit percentage increase in our weighted-average realized pricing compared to the third quarter. We believe this momentum, together with our disciplined commercial approach and ongoing efforts to optimize our product and customer mix, positions us for meaningfully higher realized pricing in 2027. We remain focused on supporting sustainable pricing improvement through our previously announced price increases, trade enforcement efforts in key jurisdictions and strategic actions to better align industry supply with market demand, including our recently announced Mexico Facility Closure.

Despite continued cost pressures from oil-based raw materials, energy and logistics, our ongoing cost reduction and operational efficiency initiatives are expected to offset these headwinds. Accordingly, we continue to expect a low-single-digit percentage decline in our cash cost of goods sold per MT for 2026 compared to 2025.

We remain focused on disciplined capital spending and working capital management. For 2026, we continue to expect a modest increase in working capital to support higher sales volume. We also continue to anticipate full-year capital expenditures of approximately $35 million.

PART I (CONT’D)

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

Longer term, we remain confident in the structural drivers of demand growth for graphite electrodes, including the ongoing transition toward electric arc furnace steelmaking, as well as opportunities for petroleum needle coke in battery applications. We believe our strategic initiatives to improve our cost structure, optimize our manufacturing footprint and strengthen our commercial position, combined with our vertical integration and differentiated capabilities, position GrafTech to deliver stronger financial performance as market conditions improve.

Capital Structure and Liquidity

As of September 30, 2026, we had liquidity of $241.9 million, consisting of cash and cash equivalents of $134.3 million and $107.6 million of availability under our 2018 Revolving Credit Facility (after giving effect to the financial covenant and letters of credit described herein). As of September 30, 2026, we had total debt of approximately $1.2 billion.

Key metrics used by management to measure performance

In addition to measures of financial performance presented in our Condensed Consolidated Financial Statements in accordance with generally accepted accounting principles in the United States (“GAAP”), we use certain other financial measures and operating metrics to analyze the performance of our Company. Our “non-GAAP” financial measures consist of EBITDA, adjusted EBITDA, adjusted net loss, adjusted loss per share, free cash flow, adjusted free cash flow and cash cost of goods sold per MT which help us evaluate growth trends, establish budgets, assess operational efficiencies and evaluate our overall financial performance. Our key operating metrics consist of sales volume, production volume, production capacity and capacity utilization.

PART I (CONT’D)

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

Key financial measures


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands, except per share data)	2026	2025		2026	2025
Net sales	$	140,163		$	143,998		$	392,626	$	387,677
Net loss	(46,768)		(28,482)			(130,516)	(154,719)
Loss per share(1)	(1.76)		(1.10)			(4.96)	(5.97)
EBITDA(2)	(6,621)		11,241			(10,384)	9,802
Adjusted net loss(2)	(32,109)		(26,788)			(124,218)	(103,190)
Adjusted loss per share(1)(2)	(1.21)		(1.03)			(4.73)	(3.98)
Adjusted EBITDA(2)	8,626		13,013			(3,026)	12,812

(1) Loss per share represents diluted loss per share. Adjusted loss per share represents adjusted diluted loss per share.

(2) Non-GAAP financial measure; see below for information and reconciliations of EBITDA, adjusted EBITDA and adjusted net loss to net loss and adjusted loss per share to loss per share, the most directly comparable financial measures calculated and presented in accordance with GAAP.

Key operating measures

In addition to measures of financial performance presented in accordance with GAAP, we use certain operating metrics to analyze the performance of our Company. These metrics align with management's assessment of our revenue performance and profit margin and will help investors understand the factors that drive our profitability.

Sales volume reflects the total volume of graphite electrodes sold for which revenue has been recognized during the period. For a discussion of our revenue recognition policy, see “—Critical accounting policies—Revenue recognition” in our Annual Report on Form 10-K. Sales volume helps management and investors understand the factors that drive our net sales.

Production volume, production capacity and capacity utilization help us understand the efficiency of our production, evaluate cost of goods sold and consider how to approach our sales contract initiative.


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands, except utilization)	2026	2025		2026	2025
Sales volume (MT)	28.8		28.8			87.7		82.1
Production volume (MT)	27.0		26.6			89.8		84.5
Production capacity (MT)(1)(2)	42.0		42.0			132.0		132.0
Capacity utilization(3)	64	%	63	%		68	%	64	%

(1) Production capacity reflects expected maximum production volume during the period depending on product mix and expected maintenance outage. Actual production may vary.

(2) Includes graphite electrode facilities in Calais, France; Monterrey, Mexico; and Pamplona, Spain.

(3) Capacity utilization reflects production volume as a percentage of production capacity.

PART I (CONT’D)

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

Results of Operations

The Three Months Ended September 30, 2026 Compared to the Three Months Ended September 30, 2025

The table presented in our period-over-period comparisons summarizes our Condensed Consolidated Statements of Operations and illustrates key financial indicators used to assess the consolidated financial results. Throughout this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Report, insignificant changes may be deemed not meaningful and are generally excluded from the discussion.


	Three Months Ended September 30,		Increase/ (Decrease)		% Change
(Dollars in thousands)	2026		2025
Net sales	$	140,163			$	143,998		$	(3,835)		(3)	%
Cost of goods sold	132,526			132,041			485		—	%
Lower of cost or market inventory valuation adjustment	2,013			1,650			363		22	%
Gross profit	5,624			10,307			(4,683)		(45)	%
Research and development	1,458			1,639			(181)		(11)	%
Selling and administrative expenses	12,964			13,784			(820)		(6)	%
Restructuring and other exit charges	13,874			—			13,874		NM
Operating loss	(22,672)			(5,116)			(17,556)		343	%
Other (income) expense, net	(774)			142			(916)		(645)	%

Interest expense	25,916			24,517			1,399		6	%
Interest income	(1,151)			(1,383)			232		(17)	%
Loss before income taxes	(46,663)			(28,392)			(18,271)		64	%
Income tax expense	105			90			15		17	%
Net loss	$	(46,768)			$	(28,482)		$	(18,286)		64	%

NM = Not Meaningful.

Net sales decreased $3.8 million, or 3%, compared to the third quarter of 2025, reflecting a year-over-year decrease in our weighted-average realized price. For the third quarter of 2026 and 2025, net sales included the recognition of $8.5 million and $11.2 million, respectively, of revenue following resolutions of long-standing commercial matters.

Cost of goods sold increased $0.5 million compared to the third quarter of 2025, primarily due to $1.7 million of accelerated depreciation associated with the Mexico Facility Closure. This increase was substantially offset by $1.1 million of fixed manufacturing costs, including depreciation, recognized in the prior-year period due to lower production levels.

Selling and administrative expenses decreased $0.8 million, or 6%, compared to the third quarter of 2025. The decrease is primarily due to reduced variable compensation expenses, a reduction in bad debt expense and lower legal spend.

Restructuring and other exit charges includes $12.3 million of fixed asset write-offs and $1.6 million of severance related to the Mexico Facility Closure.

Other (income) expense, net represented income of $0.8 million in the third quarter of 2026, compared to expense of $0.1 million in the third quarter of 2025. The third quarter of 2026 included a gain of $0.5 million related to the sale of assets associated with previously divested operations.

Interest expense increased $1.4 million, or 6%, compared to the third quarter of 2025, reflecting incremental interest expense incurred on the $100 million drawn on our Delayed Draw Term Loan during the second quarter of 2026. See Note 7, “Interest Expense” in the Notes to the Condensed Consolidated Financial Statements for further discussion.

PART I (CONT’D)

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

The following table summarizes income tax expense:


	Three Months Ended September 30,
(Dollars in thousands)	2026		2025

Income tax expense	$	105			$	90
Loss before income taxes	(46,663)			(28,392)
Effective tax rate	0.2	%		0.3	%

The effective tax rate for the third quarter of 2026 and 2025 was different than the U.S. statutory tax rate of 21% primarily due to no tax benefit being recorded on U.S. and Switzerland losses with a valuation allowance. In the second quarter of 2025, the Company recognized a valuation allowance on the net tax assets carried in the United States and Switzerland of $34.2 million and $8.4 million, respectively. Tax benefits associated with losses realized after June 30, 2025 in the United States and Switzerland are not reflected in the effective tax rate, resulting in a tax expense recognized in the current period, despite the loss incurred on a consolidated basis. Therefore, the effective tax rate for the third quarter of 2026 and 2025 was different than the U.S. statutory rate of 21% primarily due to our valuation allowance position and, to a lesser extent, the mix of U.S. and foreign earnings, tax incentives and provisions of the Tax Cuts and Jobs Act. See Note 9, “Income Taxes” in the Notes to the Condensed Consolidated Financial Statements for further discussion.

The Nine Months Ended September 30, 2026 Compared to the Nine Months Ended September 30, 2025

The table presented in our period-over-period comparisons summarizes our Consolidated Statements of Operations and illustrates key financial indicators used to assess the consolidated financial results. Throughout this “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, insignificant changes may be deemed not meaningful and are generally excluded from the discussion.


	Nine Months Ended September 30,		Increase/ (Decrease)		% Change
(Dollars in thousands)	2026		2025
Net sales	$	392,626			$	387,677		$	4,949		1	%
Cost of goods sold	392,622			372,691			19,931		5	%
Lower of cost or market inventory valuation adjustment	9,792			6,326			3,466		55	%
Gross (loss) profit	(9,788)			8,660			(18,448)		(213)	%
Research and development	4,440			4,866			(426)		(9)	%
Selling and administrative expenses	39,808			41,673			(1,865)		(4)	%
Restructuring and other exit charges	13,874			—			13,874		NM
Operating loss	(67,910)			(37,879)			(30,031)		79	%
Other income, net	(12,288)			(1,837)			(10,451)		569	%
Interest expense	74,482			79,776			(5,294)		(7)	%
Interest income	(2,705)			(5,184)			(2,479)		48	%
Loss before income taxes	(127,399)			(110,634)			(16,765)		15	%
Income tax expense	3,117			44,085			(40,968)		(93)	%


Net loss	$	(130,516)			$	(154,719)		$	24,203		(16)	%

NM = Not Meaningful.

Net sales increased $4.9 million, or 1%, compared to the first nine months of 2025, reflecting higher sales volume partially offset by a year-over-year decrease in our weighted-average realized price.

Cost of goods sold increased $19.9 million, or 5%, compared to the first nine months of 2025, reflecting increased sales volume. In addition, we recorded $1.7 million of accelerated depreciation associated with the Mexico Facility Closure in the current year period.

PART I (CONT’D)

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

Selling and administrative expenses decreased $1.9 million, or 4%, compared to the first nine months of 2025. The decrease is primarily due to lower legal spend and reduced variable compensation-related expenses, partially offset by an increase in stock-based compensation expense due to forfeitures recorded in the prior year period.

Restructuring and other exit charges includes $12.3 million of fixed asset write-offs and $1.6 million of severance related to the Mexico Facility Closure.

Other income, net represented income of $12.3 million in the first nine months of 2026, compared to $1.8 million in the first nine months of 2025. In the first nine months of 2026, we recognized a $12.8 million gain related to the sale of assets associated with previously divested operations, consisting of $9.7 million of cash proceeds in excess of the carrying value of the assets, net of fees and the derecognition of $3.1 million of liabilities associated with the sites.

Interest expense decreased $5.3 million, or 7%, compared to the first nine months of 2025. Interest expense for the first nine months of 2025 included $6.3 million of debt modification costs due to post-closure costs related to our debt transaction consummated in the fourth quarter of 2024 and were primarily legal, advisory and other administrative costs. See Note 7, “Interest Expense” in the Notes to the Condensed Consolidated Financial Statements for further discussion.

The following table summarizes income tax expense:


	Nine Months Ended September 30,
(Dollars in thousands)	2026		2025
Income tax expense	$	3,117			$	44,085
Loss before income taxes	(127,399)			(110,634)
Effective tax rate	2.4	%		39.8	%

The effective tax rate for the first nine months of 2026 was different than the U.S. statutory tax rate of 21% primarily due to no tax benefit being recorded on U.S. and Switzerland losses with a valuation allowance. In the second quarter of 2025, the Company recognized a valuation allowance on the net tax assets carried in the United States and Switzerland of $34.2 million and $8.4 million, respectively. Tax benefits associated with losses realized after June 30, 2025 in the United States and Switzerland are not reflected in the effective tax rate, resulting in a tax expense recognized in the current period, despite the loss incurred on a consolidated basis. Therefore, the effective tax rate for each of the first nine months of 2026 and 2025 was different than the U.S. statutory rate of 21% primarily due to our valuation allowance position. See Note 9, “Income Taxes” in the Notes to the Condensed Consolidated Financial Statements for further discussion.

Effects of Changes in Currency Exchange Rates

When the currencies of non-U.S. countries in which we have a manufacturing facility decline (or increase) in value relative to the U.S. dollar, this has the effect of reducing (or increasing) the U.S. dollar equivalent cost of goods sold and other expenses with respect to those facilities. In certain countries in which we have manufacturing facilities, and in certain export markets, we sell in currencies other than the U.S. dollar. Accordingly, when these currencies increase (or decline) in value relative to the U.S. dollar, this has the effect of increasing (or reducing) net sales. The result of these effects is to increase (or decrease) operating and net loss.

Many of the countries in which we have a manufacturing facility or commercial activities have been subject to significant economic and political changes, which have significantly impacted currency exchange rates. We cannot predict changes in currency exchange rates in the future or whether those changes will have net positive or negative impacts on our net sales, cost of goods sold or net loss.

The impact of these changes in the average exchange rates of other currencies against the U.S. dollar on our net sales was a decrease of $0.9 million for the third quarter and an increase of $2.5 million for the first nine months of 2026 compared to the same periods of 2025. The impact of these changes on our cost of goods sold was a decrease of $0.9 million and $9.1 million for the third quarter and first nine months of 2026, respectively, compared to the same periods of 2025.

We have in the past and may in the future use various financial instruments to manage certain exposures to risks caused by currency exchange rate changes, as described under Part I, Item 3., Quantitative and Qualitative Disclosures About Market Risk.

PART I (CONT’D)

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

Liquidity and Capital Resources

Our sources of funds have consisted principally of cash flow from operations and debt, including our credit facilities (subject to continued compliance with the financial covenants and representations), as well as sales of equity and assets from time to time. Our uses of those funds (other than for operations) have consisted principally of capital expenditures, debt repayment and other general purposes. On an ongoing basis, we expect to evaluate and consider strategic transactions, including acquisitions, divestitures, joint ventures, equity investments, equity and debt issuances, refinancing our existing debt or repurchases of our outstanding debt obligations in open market or privately negotiated transactions, as well as other strategic transactions. These transactions may require cash expenditures, which may be funded through a combination of cash on hand, proceeds from the issuance of debt or from equity offerings. Disruptions in the U.S. and international financial markets could adversely affect our liquidity and the cost and availability of financing to us in the future.

We believe that we have adequate liquidity to meet our needs for at least the next twelve months. As of September 30, 2026, we had liquidity of $241.9 million, consisting of cash and cash equivalents of $134.3 million and $107.6 million of availability under our 2018 Revolving Credit Facility (after giving effect to the financial covenant described herein and $7.9 million of letters of credit). As any borrowings under the 2018 Revolving Credit Facility remain subject to compliance with the financial covenants thereunder (see below and Note 5, “Debt and Liquidity”), our operating performance as of September 30, 2026 and December 31, 2025 resulted in a restriction of the availability under the 2018 Revolving Credit Facility. We had long-term debt of $1.2 billion and $1.1 billion as of September 30, 2026 and December 31, 2025, respectively. As of December 31, 2025, we had liquidity of $340.0 million, consisting of cash and cash equivalents of $138.4 million, $101.6 million of availability under our 2018 Revolving Credit Facility (after giving effect to the financial covenant described herein and $13.8 million of letters of credit) and $100.0 million of availability under our Initial First Lien Term Loan Facility (with respect to the Delayed Draw Commitments thereunder).

As of September 30, 2026 and December 31, 2025, $57.5 million and $45.6 million, respectively, of our cash and cash equivalents were located outside of the U.S. We repatriate funds from our foreign subsidiaries through dividends or repayment of intercompany obligations. All of our subsidiaries face the customary statutory limitation that distributed dividends cannot exceed the amount of retained and current earnings. Upon repatriation to the U.S., the foreign source portion of dividends we receive from our foreign subsidiaries is not subject to U.S. federal income tax because the amounts were either previously taxed or are exempted from tax by Section 245A of the Internal Revenue Code of 1986, as amended.

Cash flow. Our cash flow typically fluctuates significantly between quarters due to various factors. These factors include customer order patterns, production cadence, seasonal fluctuations in working capital requirements, timing of tax and interest payments and other factors.

Debt Structure

New Notes due 2029

On December 23, 2024 (the “Settlement Date”), GrafTech Finance Inc. (“GrafTech Finance”) issued new 4.625% second lien notes due 2029 (the “New 4.625% Notes”) in an aggregate principal amount of $498.2 million and GrafTech Global Enterprises Inc. (“GrafTech Global”) issued new 9.875% second lien notes (the “New 9.875% Notes” and, together with the New 4.625% Notes, the “New Notes”) in an aggregate principal amount of $446.2 million in exchange for $498.2 million of GrafTech Finance’s 4.625% senior secured notes due 2028 (the “Existing 4.625% Notes”) and $446.2 million of GrafTech Global’s 9.875% senior secured notes due 2028 (the “Existing 9.875% Notes”), respectively, validly tendered and accepted in connection with exchange offers.

The New 4.625% Notes were issued pursuant to an indenture, dated as of the Settlement Date (the “New 4.625% Notes Indenture”), by and among GrafTech Finance, the Company, each subsidiary guarantor from time to time party thereto (collectively, the “Subsidiary Guarantors,” and, together with the Company, the “Guarantors”), and U.S. Bank Trust Company, National Association, as trustee (the “New Trustee”) and collateral agent (the “New Notes Collateral Agent”). The New 4.625% Notes pay interest of 4.625% semiannually per annum.

The New 9.875% Notes were issued pursuant to an indenture, dated as of the Settlement Date (the “New 9.875% Notes Indenture” and, together with the New 4.625% Notes Indenture, the “New Notes Indentures”), by and among GrafTech Global, the Guarantors, GrafTech Finance, the New Trustee and the New Notes Collateral Agent. The New 9.875% Notes pay interest of 9.875% semiannually per annum.

PART I (CONT’D)

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

GrafTech Finance may redeem some or all of the New 4.625% Notes at the redemption prices and on the terms specified in the New 4.625% Notes Indenture. If, at any time prior to December 23, 2026, all or a portion of the outstanding principal amount of the New 4.625% Notes are prepaid, repaid, redeemed or accelerated (or deemed accelerated), including as a result of GrafTech Finance filing for bankruptcy or becoming subject to any other insolvency proceeding, GrafTech Finance will be required to pay the applicable New 4.625% Notes Prepayment Premium (as defined in the New 4.625% Notes Indenture). If the Company or GrafTech Finance experiences specific kinds of changes in control or the Company or any of the restricted subsidiaries sells certain of its assets, then GrafTech Finance must offer to repurchase the New 4.625% Notes on the terms set forth in the New 4.625% Notes Indenture.

On and after December 23, 2026, GrafTech Global may redeem some or all of the New 9.875% Notes at the redemption prices and on the terms specified in the New 9.875% Notes Indenture. At any time prior to December 23, 2026, GrafTech Global may also at its option and on one or more occasions redeem up to 40% of the aggregate principal amount of the notes issued with the proceeds from certain equity offerings, at a redemption price of 109.875% of the aggregate principal amount of the notes, together with accrued and unpaid interest, if any, to, but not including, the date of redemption. In addition, at any time prior to December 23, 2026, GrafTech Global may at its option on one or more occasions redeem all or a part of the notes, at a redemption price equal to 100% of the principal amount of the notes redeemed, plus a “make-whole” premium, together with accrued and unpaid interest, if any, to, but not including, the date of redemption. If, at any time prior to December 23, 2028, all or a portion of the outstanding principal amount of the New 9.875% Notes are prepaid, repaid, redeemed or accelerated (or deemed accelerated), including as a result of GrafTech Global filing for bankruptcy or becoming subject to any other insolvency proceeding, GrafTech Global will be required to pay the applicable New 9.875% Notes Prepayment Premium or the Applicable Premium (each, as defined in the New 9.875% Notes Indenture), as applicable. If the Company or GrafTech Global experiences specific kinds of changes in control or the Company or any of the restricted subsidiaries sells certain of its assets, then GrafTech Global must offer to repurchase the New 9.875% Notes on the terms set forth in the New 9.875% Notes Indenture.

The New Notes Indentures contain certain covenants that, among other things, limit the Company’s ability, and the ability of certain of its subsidiaries, to incur or guarantee additional indebtedness or issue preferred stock, pay distributions on, redeem or repurchase capital stock or redeem or repurchase subordinated debt, incur or suffer to exist liens securing indebtedness, make certain investments, engage in certain transactions with affiliates, consummate certain asset sales and effect a consolidation or merger, or sell, transfer, lease or otherwise dispose of all or substantially all assets. Pursuant to the New Notes Indentures, if our pro forma consolidated total net leverage ratio is no greater than 2.50 to 1.00, we can make restricted payments so long as no default or event of default has occurred and is continuing. If our pro forma consolidated total net leverage ratio is greater than 2.50 to 1.00, we can make restricted payments pursuant to certain baskets. We were in compliance with all of our debt covenants in the New Notes Indentures as of September 30, 2026 and December 31, 2025.

The New 4.625% Notes are guaranteed, jointly and severally, on a senior secured second-priority basis by the domestic Guarantors (the “U.S. Guarantors”) that guarantee the Existing 4.625% Notes and certain other foreign subsidiary Guarantors of the Company (the “Foreign Guarantors”). The New 9.875% Notes are guaranteed, jointly and severally, on a senior secured second-priority basis by the U.S. Guarantors that guarantee the Existing 9.875% Notes and the Foreign Guarantors. In accordance with the terms of the New Notes Indentures, the New Trustee is obligated to first enforce the guarantees of the U.S. Guarantors prior to any guarantees of the Foreign Guarantors, subject to certain terms described therein. The New Notes are secured by a perfected second-priority security interest in all of the assets and property of the Issuers and the Guarantors that secured the Existing Notes, and certain other assets and property of the Foreign Guarantors as set forth in the New Notes Indentures (the “Collateral”).

The New Notes and each guarantee constitute: senior obligations that rank pari passu in right of payment with all of our and the Guarantors’ existing and future senior indebtedness, including the First Lien Term Loans (as defined below) and the 2018 Revolving Credit Facility; provided, that the First Lien Term Loans and the 2018 Revolving Credit Facility are senior in right of payment to the New Notes with respect to proceeds of the Foreign Guarantor facility located in Calais, France (the “Calais Facility”) solely to the extent that such facility does not constitute Collateral; secured on a second-priority basis, subject to certain exceptions and permitted liens, on the Collateral that secures the First Lien Term Loans and the 2018 Revolving Credit Facility on a first-priority basis; effectively junior to all of our and the Guarantors’ obligations under the First Lien Term Loans and the 2018 Revolving Credit Facility (and other indebtedness secured on a first-priority basis on the Collateral pari passu with the liens securing the First Lien Term Loans and the 2018 Revolving Credit Facility) to the extent of the value of the Collateral securing the First Lien Term Loans and the 2018 Revolving Credit Facility (and such other indebtedness secured on a first-priority basis on the Collateral); effectively senior to all of our and the Guarantors’ future debt that is secured by liens on the Collateral securing the New Notes that are junior to those securing the New Notes and to any of our and the Guarantors’

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unsecured indebtedness, in each case, to the extent of the value of the Collateral securing the New Notes and the guarantees; and structurally subordinated to all of our existing and future indebtedness and other liabilities, including trade payables, of each of our subsidiaries that do not issue or guarantee the New Notes.

Existing 4.625% Notes due 2028

In December 2020, GrafTech Finance issued $500.0 million aggregate principal amount of Existing 4.625% Notes in a private offering. All of the net proceeds from the Existing 4.625% Notes were used to partially repay borrowings under our 2018 Term Loan Facility (as defined below).

GrafTech Finance may redeem some or all of the Existing 4.625% Notes at the redemption prices and on the terms specified in the Existing 4.625% Notes Indenture. Prior to the Settlement Date, if the Company or GrafTech Finance experienced specific kinds of changes in control or the Company or any of its restricted subsidiaries sold certain of its assets, then GrafTech Finance was required to offer to repurchase the Existing 4.625% Notes on the terms set forth in the Existing 4.625% Notes Indenture.

In connection with the consummation of the solicitation of consents, substantially all of the restrictive covenants and related provisions and definitions in the Existing 4.625% Notes Indenture were removed, effective as of the Settlement Date.

The Existing 4.625% Notes Indenture contains certain events of default customary for agreements of its type (with customary grace periods, as applicable) and provides that, upon the occurrence of an event of default arising from certain events of bankruptcy or insolvency with respect to the Company or GrafTech Finance, all outstanding Existing 4.625% Notes will become due and payable immediately without further action or notice. If any other type of event of default occurs and is continuing, then the trustee or the holders of at least 30% in principal amount of the then outstanding Existing 4.625% Notes may declare all of the Existing 4.625% Notes to be due and payable immediately. We were in compliance with all of our debt covenants as of September 30, 2026 and December 31, 2025.

Immediately following the Settlement Date, approximately $1.8 million aggregate principal amount of Existing 4.625% Notes remained outstanding.

Existing 9.875% Notes due 2028

In June 2023, GrafTech Global issued $450 million aggregate principal amount of Existing 9.875% Notes, including $11.4 million of original issue discount. The Existing 9.875% Notes were issued at an issue price of 97.456% of the principal amount thereof in a private offering. The net proceeds from the Existing 9.875% Notes were used to repay borrowings under our 2018 Term Loan Facility (as defined below).

GrafTech Global may redeem some or all of the Existing 9.875% Notes at the redemption prices and on the terms specified in the Existing 9.875% Notes Indenture. Prior to the Settlement Date, if the Company or GrafTech Global experienced specific kinds of changes in control or the Company or any of its restricted subsidiaries sold certain of its assets, then GrafTech Global was required to offer to repurchase the Existing 9.875% Notes on the terms set forth in the Existing 9.875% Notes Indenture.

In connection with the consummation of the solicitation of consents, substantially all of the restrictive covenants and related provisions and definitions in the Existing 9.875% Notes Indenture were removed, effective as of the Settlement Date.

The Existing 9.875% Notes Indenture contains certain events of default customary for agreements of its type (with customary grace periods, as applicable) and provides that, upon the occurrence of an event of default arising from certain events of bankruptcy or insolvency with respect to the Company or GrafTech Global, all outstanding Existing 9.875% Notes will become due and payable immediately without further action or notice. If any other type of event of default occurs and is continuing, then the trustee or the holders of at least 30% in principal amount of the then outstanding Existing 9.875% Notes may declare all of the Existing 9.875% Notes to be due and payable immediately. We were in compliance with all of our debt covenants as of September 30, 2026 and December 31, 2025.

Immediately following the Settlement Date, approximately $3.8 million aggregate principal amount of Existing 9.875% Notes remained outstanding.

Initial First Lien Term Loan Facility; Delayed Draw First Lien Term Loan Facility

On the Settlement Date, Barclays Bank plc agreed to provide GrafTech Global $175 million of new senior secured first lien term loans (the “Initial First Lien Term Loans”) and provided commitments (the “Delayed Draw Commitments”) with respect to $100 million of new senior secured first lien delayed draw term loans (together with the Initial First Lien Term Loans, the

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“First Lien Term Loans”). The First Lien Term Loans are governed by a new credit agreement, dated as of the Settlement Date, by and among GrafTech, as holdings, GrafTech Global, as borrower, GLAS USA LLC, as administrative agent, GLAS Americas LLC, as collateral agent, and the lenders from time to time party thereto (the “First Lien Term Loan Credit Agreement”). The Initial First Lien Term Loans were drawn in a single drawing on the Settlement Date. In June 2026, the Company drew the $100 million of available Delayed Draw Commitments.

The First Lien Term Loans will mature on December 23, 2029, and are guaranteed by the Guarantors. The First Lien Term Loans are pari passu in right of payment with the 2018 Revolving Credit Facility and the New Notes, but the First Lien Term Loans and the 2018 Revolving Credit Facility are senior in right of payment to the New Notes with respect to the proceeds of the Calais Facility. The First Lien Term Loans and the 2018 Revolving Credit Facility are secured on a pari passu basis by perfected first-priority security interests in the Collateral.

The First Lien Term Loans bear interest at the option of GrafTech Global, at a rate equal to (i) Term SOFR (as defined in the First Lien Term Loan Credit Agreement) (subject to a 2.00% floor) plus 6.00% per annum or (ii) the ABR (as defined in the First Lien Term Loan Credit Agreement) plus 5.00% per annum.

The Company paid a ticking fee with respect to undrawn Delayed Draw Commitments in an amount equal to 3.75% per annum of the amount of such undrawn and outstanding commitments. The First Lien Term Loans are prepayable in whole or in part at the option of the Company (i) prior to the 24-month anniversary of the Settlement Date, subject to payment of a customary “make-whole” premium (which includes a 2.00% prepayment premium), (ii) on or after the 24-month anniversary of the Settlement Date through, but excluding, the 36-month anniversary of the Settlement Date, subject to a 2.00% prepayment premium, and (iii) on or after the 36-month anniversary of the Settlement Date, without a prepayment premium. If the Company sells certain of its assets, then GrafTech Global may be required to offer to prepay the First Lien Term Loans and/or other indebtedness of GrafTech Global and/or its subsidiaries.

The First Lien Term Loan Credit Agreement contains certain covenants that, among other things, limit the Company’s ability to incur or guarantee additional indebtedness or issue preferred stock, pay distributions on, redeem or repurchase capital stock or redeem or repurchase certain debt, incur or suffer to exist certain liens, make certain investments, engage in certain transactions with affiliates, consummate certain asset sales and effect certain fundamental changes. The First Lien Term Loan Credit Agreement also contains certain events of default (with grace periods, as applicable) that permit the agent to accelerate the First Lien Term Loans, and provides that, upon the occurrence of certain events of default arising from bankruptcy or insolvency, all First Lien Term Loans will become due and payable immediately without further action or notice.

2018 Term Loan and 2018 Revolving Credit Facility

In February 2018, the Company entered into a credit agreement (as amended, the “2018 Credit Agreement”), which provided for (i) a $2,250 million senior secured term facility (the “2018 Term Loan Facility”) after giving effect to the June 2018 amendment that increased the aggregate principal amount of the 2018 Term Loan Facility from $1,500 million to $2,250 million and (ii) a $330 million senior secured revolving credit facility after giving effect to the May 2022 amendment that increased the revolving commitments under the 2018 Credit Agreement by $80 million from $250 million (the “2018 Revolving Credit Facility”). GrafTech Finance Inc. (“GrafTech Finance”) was the sole borrower under the 2018 Term Loan Facility while GrafTech Finance, GrafTech Switzerland SA (“Swissco”) and GrafTech Luxembourg II S.à.r.l. (“Luxembourg Holdco” and, together with GrafTech Finance and Swissco, the “Co-Borrowers”) were co-borrowers under the 2018 Revolving Credit Facility. In December 2024, the 2018 Credit Agreement was further amended to provide for a $225 million senior secured first lien revolving credit facility, reducing the revolving commitments under the 2018 Credit Agreement by $105 million. On June 26, 2023, GrafTech repaid the term loans under the 2018 Term Loan Facility with proceeds from the Existing 9.875% Notes issuance. As of September 30, 2026 and December 31, 2025, there were no outstanding term loans under the 2018 Term Loan Facility.

Until at least $275 million of First Lien Term Loans have been borrowed by the Company, the Company is not permitted to have more than $15 million in aggregate principal amount of revolving loans outstanding at any time under the 2018 Revolving Credit Facility. The Company’s ability to borrow under the 2018 Revolving Credit Facility is subject to certain customary conditions precedent, including that the Company must not have more than $100 million of unrestricted cash and cash equivalents after giving effect to the applicable borrowing.

The 2018 Revolving Credit Facility matures on November 30, 2028, subject to a springing maturity date 91 days prior to the maturity date of certain other reference indebtedness. As of September 30, 2026 and December 31, 2025, the availability under our 2018 Revolving Credit Facility (after giving effect to the financial covenant and letters of credit described below), was

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GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

$107.6 million and $101.6 million, respectively. As of September 30, 2026 and December 31, 2025, there were no borrowings outstanding on the 2018 Revolving Credit Facility and there was $7.9 million and $13.8 million, respectively, of letters of credit drawn against the 2018 Revolving Credit Facility as of each date. As any borrowings under the 2018 Revolving Credit Facility remain subject to compliance with the financial covenants thereunder, our operating performance as of September 30, 2026 and December 31, 2025 resulted in our inability to access the full amount of commitments under the facility.

Borrowings under the 2018 Revolving Credit Facility bear interest (i) with respect to new revolving loans denominated in U.S. dollars, at the option of GrafTech Finance, Adjusted Term SOFR (as defined in the 2018 Credit Agreement) plus 3.50% per annum or ABR (as defined in the 2018 Credit Agreement) plus 2.50% per annum and (ii) with respect to new revolving loans denominated in euros, the Adjusted EURIBOR Rate (as defined in the 2018 Credit Agreement) plus 3.50% per annum. Undrawn commitments under the 2018 Revolving Credit Facility bear a commitment fee of 0.25% per annum. Lenders holding all of the Company’s existing revolving commitments who agreed to provide commitments under the 2018 Revolving Credit Facility were paid a customary extension fee, in connection with the December 2024 amendment.

The 2018 Revolving Credit Facility has customary negative covenants and events of default and is required to be prepaid in the case of certain mandatory prepayments of the First Lien Term Loans. The 2018 Revolving Credit Facility also includes a financial covenant requiring that the Company have a Senior Secured First Lien Net Leverage Ratio of no more than 4.00 to 1.00, tested quarterly, to the extent outstanding revolving loans and letters of credit (subject to certain exclusions) exceed 51.3% of the amount of commitments then-existing under the 2018 Revolving Credit Facility. We were in compliance with all of our debt covenants as of September 30, 2026 and December 31, 2025.

Common Stock Issuances

On May 29, 2026, the Company entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Evercore Group L.L.C. (“Evercore”), as sales agent. Pursuant to the terms of the Equity Distribution Agreement, the Company may offer and sell through Evercore, from time to time and at its sole discretion, shares of the Company’s common stock, par value $0.01 per share, having an aggregate offering price of up to $50,000,000 (the “ATM Program”). The sales, if any, may be made by any method permitted that is deemed an “at the market offering” as defined under Rule 415 under the Securities Act of 1933, as amended.

During the third quarter and first nine months of 2026, the Company issued 800,965 shares and 845,245 shares, respectively, of common stock under the Equity Distribution Agreement. The Company incurred offering costs of approximately $0.1 million and $0.8 million, in the third quarter and first nine months of 2026, respectively, which were recorded as a reduction of the gross proceeds and are reflected as a reduction of additional paid-in capital. Net proceeds received by the Company were approximately $5.1 million and $5.5 million for the third quarter and first nine months of 2026, respectively. The Company utilized the net proceeds from the ATM Program for general corporate purposes.

As of September 30, 2026, we had approximately $44.3 million remaining under this program.

Uses of Liquidity

In July 2019, our Board of Directors authorized a program to repurchase up to $100.0 million of our outstanding common stock. In November 2021, our Board of Directors authorized the repurchase of an additional $150.0 million of stock repurchases under this program. We may purchase shares from time to time on the open market, including under Rule 10b5-1 and/or Rule 10b-18 plans. The amount and timing of repurchases are subject to a variety of factors including liquidity, stock price, applicable legal requirements, other business objectives and market conditions. In the first nine months of 2026, we did not repurchase any shares of our common stock. As of September 30, 2026, we had $99.0 million remaining under our stock repurchase authorization.

Potential uses of our liquidity (other than operations) include capital expenditures, debt repayments, dividends, share repurchases, and other general purposes. Any such potential uses of our liquidity may, subject to certain restrictions, be funded by existing available liquidity, the incurrence of new secured or unsecured loans, capital market issuances, including under our ATM Program, divestitures, joint ventures or equity investments. An improving economy, while resulting in improved results of operations, could increase our cash requirements to purchase inventories, make capital expenditures and fund payables and other obligations until increased accounts receivable are converted into cash. A downturn, including any recession, could significantly and negatively impact our results of operations and cash flows, which, coupled with increased borrowings, could negatively impact our credit ratings, our ability to comply with debt covenants, our ability to secure additional financing and the cost and availability of such financing.

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GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

In order to seek to minimize our credit risks, we may reduce our sales of, or refuse to sell (except for prepayment, cash on delivery or under letters of credit or parent guarantees), our products to some customers and potential customers. Our unrecovered trade receivables worldwide have not been material during the last two years individually or in the aggregate.

We manage our capital expenditures by taking into account quality, plant reliability, safety, environmental and regulatory requirements, prudent or essential maintenance requirements, global economic conditions, available capital resources, liquidity, long-term business strategy and return on invested capital for the relevant expenditures, cost of capital and return on invested capital of the Company as a whole and other factors. Capital expenditures totaled $26.9 million in the nine months ended September 30, 2026. We continue to expect full-year capital expenditures to be approximately $35.0 million for 2026.

In the event that operating cash flows fail to provide sufficient liquidity to meet our business needs, including capital expenditures, any such shortfall would need to be made up by borrowings under the 2018 Revolving Credit Facility, to the extent available, or other liquidity options described above. The Company also maintains access to credit and capital markets and may incur additional debt or issue equity securities from time to time, including under our ATM Program, which may provide an additional source of liquidity. However, there can be no guarantee that we would be able to access the credit or capital markets on commercially satisfactory terms or at all.

Cash Flow

The following table summarizes our cash flow activities:


	Nine Months Ended September 30,
(in thousands)	2026		2025
Net cash (used in) provided by:
Operating activities	$	(91,991)			$	(60,722)
Investing activities	(16,974)			(20,216)
Financing activities	104,617			(310)
Net change in cash and cash equivalents	$	(4,348)			$	(81,248)

Net cash used in operating activities increased $31.3 million in the first nine months of 2026 compared to the first nine months of 2025. The increase in cash used in operating activities primarily reflected higher cash used for inventories of $16.3 million due to a planned inventory build, a $14.0 million increase in cash used for accounts receivable driven by increased sales volume, and an unfavorable change in other operating assets and liabilities. These factors were partially offset by a $24.2 million reduction in our net loss and a $26.6 million favorable change in cash used for accounts payable and other accruals.

Net cash used in investing activities was $17.0 million in the nine months ended September 30, 2026 compared to $20.2 million in the nine months ended September 30, 2025. In the first nine months of 2026, we received $9.7 million of cash from the sale of assets associated with previously divested locations.

Net cash provided by (used in) financing activities was $104.6 million in the first nine months of 2026 compared to a $0.3 million cash use in the first nine months of 2025, primarily due to drawing the remaining $100.0 million available under our Delayed Draw First Lien Term Loan.

Non-GAAP financial measures

In addition to providing results that are determined in accordance with GAAP, we have provided certain financial measures that are not in accordance with GAAP. EBITDA, adjusted EBITDA, adjusted net loss, adjusted loss per share, free cash flow, adjusted free cash flow and cash cost of goods sold per MT are non-GAAP financial measures.

We define EBITDA, a non‑GAAP financial measure, as net loss plus interest expense, minus interest income, plus income taxes and depreciation and amortization. We define adjusted EBITDA, a non-GAAP financial measure, as EBITDA adjusted by any pension and other post-employment benefit (\"OPEB\") expenses, non‑cash gains or losses from foreign currency remeasurement of non‑operating assets and liabilities in our foreign subsidiaries where the functional currency is the U.S. dollar, stock-based compensation expense, gains on asset sales, restructuring and other exit charges and Tax Receivable Agreement adjustments. Adjusted EBITDA is the primary metric used by our management and our Board of Directors to establish budgets and operational goals for managing our business and evaluating our performance.

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GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

We monitor adjusted EBITDA as a supplement to our GAAP measures, and believe it is useful to present to investors, because we believe that it facilitates evaluation of our period‑to‑period operating performance by eliminating items that are not operational in nature, allowing comparison of our recurring core business operating results over multiple periods unaffected by differences in capital structure, capital investment cycles and fixed asset base. In addition, we believe adjusted EBITDA and similar measures are widely used by investors, securities analysts, ratings agencies, and other parties in evaluating companies in our industry as a measure of financial performance and debt‑service capabilities.

We define adjusted net loss, a non‑GAAP financial measure, as net loss, excluding the items used to calculate adjusted EBITDA and further excluding debt modification costs, less the tax effect of those adjustments and non-cash income tax expense related to the establishment of a deferred tax valuation allowance. We define adjusted loss per share, a non‑GAAP financial measure, as adjusted net loss divided by the weighted average diluted common shares outstanding during the period. We believe adjusted net loss and adjusted loss per share are useful to present to investors because we believe that they assist investors’ understanding of the underlying operational profitability of the Company.

We define free cash flow, a non-GAAP financial measure, as net cash provided by or used in operating activities less capital expenditures. We define adjusted free cash flow, a non-GAAP financial measure, as free cash flow adjusted by payments made for restructuring and debt modification costs. We use free cash flow and adjusted free cash flow as critical measures in the evaluation of liquidity in conjunction with related GAAP amounts. We also use these measures when considering available cash, including for decision-making purposes related to dividends and discretionary investments. Further, these measures help management, the Board of Directors, and investors evaluate the Company's ability to generate liquidity from operating activities.

We define cash cost of goods sold per MT, a non-GAAP financial measure, as cost of goods sold less depreciation and amortization and less cost of goods sold associated with the portion of our sales that consists of deliveries of by-products of the manufacturing processes, with this total divided by our sales volume measured in MT. We believe this is an important measure as it is used by our management and Board of Directors to evaluate our costs on a per MT basis.

In evaluating these non-GAAP financial measures, you should be aware that in the future, we may incur expenses similar to the adjustments in the reconciliations presented below. Our presentations of these non-GAAP financial measures should not be construed as suggesting that our future results will be unaffected by these expenses or any unusual or non‑recurring items. When evaluating our performance, you should consider these non-GAAP financial measures alongside other measures of financial performance and liquidity, including our net loss, loss per share, cash flow from operating activities, cost of goods sold, and other GAAP measures.

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GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

The following tables reconcile our non-GAAP financial measures to the most directly comparable GAAP measures:


Reconciliation of Net Loss to Adjusted Net Loss
	Three Months Ended September 30,		Nine Months Ended September 30,
(dollars in thousands; except per share data)	2026	2025		2026	2025
Net loss	$	(46,768)		$	(28,482)		$	(130,516)	$	(154,719)

Diluted loss per common share:
Net loss per share	$	(1.76)		$	(1.10)		$	(4.96)	$	(5.97)
Weighted average shares outstanding	26,514,073		25,933,254			26,287,719	25,896,520

Adjustments, pre-tax:
Pension and OPEB plan expenses(1)	531		719			1,594	1,980
Foreign currency remeasurement(2)	113		41			521	1,387
Stock-based compensation expense	1,229		1,012			4,146	3,434
Gain on sale of assets(3)	(500)		—			(12,777)	—
Restructuring and other exit charges(4)	13,874		—			13,874	—
Tax Receivable Agreement adjustment(5)	—		—			—	(3,791)
Debt modification costs(6)	—		—			—	6,293
Total non-GAAP adjustments pre-tax	15,247		1,772			7,358	9,303
Valuation allowance adjustments(7)	—		—			—	(42,624)
Income tax impact on non-GAAP adjustments	588		78			1,060	398
Adjusted net loss	$	(32,109)		$	(26,788)		$	(124,218)	$	(103,190)

(1)Net periodic benefit cost for our pension and OPEB plans.

(2)Non-cash losses from foreign currency remeasurement of non-operating assets and liabilities of our non-U.S. subsidiaries where the functional currency is the U.S. dollar.

(3)Gain recognized related to the sale of assets associated with previously divested operations.

(4)Severance and non-cash costs, primarily fixed asset write-offs associated with the Mexico Facility Closure.

(5)Prior to the second quarter of 2025, when the Company established a full valuation allowance, represents expense adjustment for future payment to our sole pre-IPO stockholder for tax assets that have been utilized.

(6)Debt modification costs related to the December 2024 debt transactions, which are recognized in interest expense on the Condensed Consolidated Statements of Operations.

(7)Represents non-cash income tax expense recorded in the second quarter of 2025 related to the establishment of a full valuation allowance against the Company’s U.S. and Switzerland deferred tax assets.

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GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES


Reconciliation of Loss per share to Adjusted Loss per Share
	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025		2026	2025
Loss per share	$	(1.76)		$	(1.10)		$	(4.96)	$	(5.97)
Adjustments per share:
Pension and OPEB plan expenses(1)	0.02		0.03			0.06	0.08
Foreign currency remeasurement(2)	—		—			0.02	0.05
Stock-based compensation expense	0.05		0.04			0.16	0.13
Gain on sale of assets(3)	(0.02)		—			(0.49)	—
Restructuring and other exit charges(4)	0.52		—			0.53	—
Tax Receivable Agreement adjustment(5)	—		—			—	(0.14)
Debt modification costs(6)	—		—			—	0.24
Total non-GAAP adjustments pre-tax per share	0.57		0.07			0.28	0.36
Valuation allowance adjustments(7)	—		—			—	(1.65)
Income tax impact on non-GAAP adjustments per share	0.02		—			0.05	0.02
Adjusted loss per share	$	(1.21)		$	(1.03)		$	(4.73)	$	(3.98)

(1) Net periodic benefit cost for our pension and OPEB plans.

(2)Non-cash losses from foreign currency remeasurement of non-operating assets and liabilities of our non-U.S. subsidiaries where the functional currency is the U.S. dollar.

(3)Gain recognized related to the sale of assets associated with previously divested operations.

(4)Severance and non-cash costs, primarily fixed asset write-offs associated with the Mexico Facility Closure.

(6)Debt modification costs related to the December 2024 debt transactions, which are recognized in interest expense on the Condensed Consolidated Statements of Operations.


Reconciliation of Net Loss to Adjusted EBITDA	Three Months Ended September 30,		Nine Months Ended September 30,
(dollars in thousands)	2026	2025		2026	2025
Net loss	$	(46,768)		$	(28,482)		$	(130,516)	$	(154,719)
Add:

Depreciation and amortization	15,277		16,499			45,238	45,844
Interest expense	25,916		24,517			74,482	79,776
Interest income	(1,151)		(1,383)			(2,705)	(5,184)
Income taxes	105		90			3,117	44,085
EBITDA	(6,621)		11,241			(10,384)	9,802
Adjustments:
Pension and OPEB plan expenses(1)	531		719			1,594	1,980
Foreign currency remeasurement(2)	113		41			521	1,387
Stock-based compensation expense	1,229		1,012			4,146	3,434
Gain on sale of assets(3)	(500)		—			(12,777)	—
Restructuring and other exit charges(4)	13,874		—			13,874	—
Tax Receivable Agreement adjustment(5)	—		—			—	(3,791)


Adjusted EBITDA	$	8,626		$	13,013		$	(3,026)	$	12,812

(1)Net periodic benefit cost for our pension and OPEB plans.

PART I (CONT’D)

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

(2)Non-cash losses from foreign currency remeasurement of non-operating assets and liabilities of our non-U.S. subsidiaries where the functional currency is the U.S. dollar.

(3)Gain recognized related to the sale of assets associated with previously divested operations.

(4)Severance and non-cash costs, primarily fixed asset write-offs associated with the Mexico Facility Closure.


Reconciliation of Net Cash Used in Operating Activities to Free Cash Flow and Adjusted Free Cash Flow
	Three Months Ended September 30,	Nine Months Ended September 30,
(dollars in thousands)	2026	2025	2026	2025
Net cash used in operating activities	$	(8,445)		$	24,700	$	(91,991)	$	(60,722)
Capital expenditures	(7,847)		(6,324)		(26,856)	(20,514)
Free cash flow	(16,292)		18,376		(118,847)	(81,236)

Restructuring and other exit charges(1)	188		—		188	—
Debt modification costs(2)	—		—		—	6,001
Adjusted free cash flow	$	(16,104)		$	18,376	$	(118,659)	$	(75,235)

(1) Severance payments associated with the planned shutdown of our Monterrey, Mexico facility.

(2) Cash payments of debt modification costs related to the December 2024 debt transactions, which are recognized in interest expense on the Condensed Consolidated Statements of Operations and recognized in net cash used in operating activities on the Condensed Consolidated Statements of Cash Flows.


Reconciliation of Cost of Goods Sold to Cash Cost of Goods Sold per MT

	Three Months Ended September 30,	Nine Months Ended September 30,
(dollars in thousands; except per MT)	2026	2025	2026	2025
Cost of goods sold	$	132,526		$	132,041	$	392,622	$	372,691
Less:
Depreciation and amortization(1)	13,739		14,905		40,572	40,995
Cost of goods sold - by-products and other(2)	13,567		7,840		30,390	24,840
Cash cost of goods sold	105,220		109,296		321,660	306,856
Sales volume (in thousands of MT)	28.8		28.8		87.7	82.1
Cash cost of goods sold per MT	$	3,653		$	3,795	$	3,668	$	3,738

(1) Reflects the portion of depreciation and amortization that is recognized in cost of goods sold.

(2) Primarily reflects cost of goods sold associated with the portion of our sales that consists of deliveries of by-products of the manufacturing processes.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to market risks, primarily from changes in interest rates and currency exchange rates. From time to time, we enter into transactions that have been authorized according to documented policies and procedures in order to manage these risks. These transactions primarily relate to the financial instruments described below. Since the counterparties to these financial instruments are large commercial banks and similar financial institutions, we do not believe that we are exposed to material counterparty credit risk. We do not use financial instruments for trading purposes.

With respect to the First Lien Term Loans and any amounts that may be drawn under our 2018 Revolving Credit Facility, we are exposed to changes in interest rates. Borrowings under the 2018 Revolving Credit Facility bear interest (i) with respect to the new revolving loans denominated in U.S. dollars, at the option of GrafTech Finance, Adjusted Term SOFR plus 3.50% per annum or ABR plus 2.50% per annum and (ii) with respect to new revolving loans denominated in euros, the Adjusted EURIBOR Rate plus 3.50% per annum. The First Lien Term Loans bear interest at the option of GrafTech Global, at a rate

PART I (CONT’D)

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

equal to (i) Term SOFR (as defined in the First Lien Term Loan Credit Agreement) (subject to a 2.00% floor) plus 6.00% per annum or (ii) the ABR (as defined in the First Lien Term Loan Credit Agreement) plus 5.00% per annum.

Our exposure to changes in currency exchange rates results primarily from:

•sales made by our subsidiaries in currencies other than local currencies;

•raw material purchases made by our foreign subsidiaries in currencies other than local currencies; and

•investments in and intercompany loans to our foreign subsidiaries and our share of the earnings of those subsidiaries, to the extent denominated in currencies other than the U.S. dollar.

Currency rate management. We enter into foreign currency derivatives from time to time to attempt to manage exposure to changes in currency exchange rates. These foreign currency derivatives, which include, but are not limited to, forward exchange contracts and purchased currency options, attempt to hedge global currency exposures. Forward exchange contracts are agreements to exchange different currencies at a specified future date and at a specified rate. Purchased currency options are instruments which give the holder the right, but not the obligation, to exchange different currencies at a specified rate at a specified date or over a range of specified dates. Forward exchange contracts and purchased currency options are carried at fair value.

The outstanding foreign currency derivatives were in a pre-tax net unrealized loss position of $0.6 million as of September 30, 2026 and a pre-tax net unrealized gain position of $0.2 million as of December 31, 2025.

Sensitivity analysis. We use sensitivity analysis to quantify potential impacts that market rate changes may have on the underlying exposures as well as on the fair values of our derivatives. The sensitivity analysis for the derivatives represents the hypothetical changes in value of the hedge position and does not reflect the related gain or loss on the forecasted underlying transaction.

As of September 30, 2026, a 10% appreciation or depreciation in the value of the U.S. dollar against foreign currencies from the prevailing market rates would have impacted the fair value of our foreign currency hedge portfolio by $1.6 million.

A hypothetical increase or decrease in interest rates of 100 basis points would have impacted our interest expense by $0.7 million in the third quarter of 2026.

For further information related to the financial instruments described above, see Note 10, “Fair Value Measurements and Derivative Instruments” in the Notes to the Condensed Consolidated Financial Statements.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures. Management is responsible for establishing and maintaining adequate disclosure controls and procedures. Disclosure controls and procedures are designed to ensure that information required to be disclosed by a reporting company in the reports that it files or submits under Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by it in the reports that it files under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2026. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective as of September 30, 2026.

Changes in Internal Control over Financial Reporting. There have been no changes in our internal control over financial reporting that occurred during the three months ended September 30, 2026 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

Item 1. Legal Proceedings

We are involved in various investigations, lawsuits, claims, demands, labor disputes and other legal proceedings, including with respect to environmental and human exposure or other personal injury matters, arising out of or incidental to the conduct of our business. While it is not possible to determine the ultimate disposition of each of these matters and proceedings, we do not believe that their ultimate disposition will have a material adverse effect on our financial position, results of operations or cash flows. Additionally, we are involved in the following legal proceeding:

Brazil Clause IV

Pending litigation in Brazil has been brought by employees seeking to recover additional amounts and interest thereon under certain wage increase provisions applicable in 1989 and 1990 under collective bargaining agreements to which employers in the Bahia region of Brazil were a party (including our subsidiary in Brazil). Companies in Brazil have settled claims arising out of these provisions and, in May 2015, the litigation was remanded by the Brazilian Supreme Court in favor of the employees union. After denying an interim appeal by the Bahia region employers on June 26, 2019, the Brazilian Supreme Court finally ruled in favor of the employees union on September 26, 2019. The employers union has determined not to seek annulment of such decision. Separately, on October 1, 2015, a related action was filed by current and former employees against our subsidiary in Brazil to recover amounts under such provisions, plus interest thereon, and such amounts together with interest could be material to us. If the Brazilian Supreme Court proceeding above had been determined in favor of the employers union, it would also have resolved this proceeding in our favor. In the first quarter of 2017, the lower state court initially ruled in favor of the employees. Our subsidiary in Brazil appealed, and the appeal was rejected by the labor court of appeal. Our subsidiary in Brazil filed a further appeal to the Superior Labor Court (“TST”). The 5th Panel of the TST reversed the prior decisions, holding that the Labor Union’s claim was fully time barred. The employees filed a further appeal, and, on September 12, 2022, we filed our response in opposition. On March 19, 2026, the SDI-1 at the TST granted the appeal filed by the employees to reject one of the statute of limitations defenses argued by our subsidiary in Brazil and remanded the case to the 5th Panel for further adjudication on secondary defenses. On May 8, 2026, our subsidiary in Brazil filed a motion for clarification at the SDI-1 of the TST, which was denied in September 2026. In May 2026, the Labor Union applied for provisional enforcement to quantify the compensation to be paid to employees. The proceeding is still in the early stages and no quantification has been made as of September 30, 2026. We intend to vigorously defend our position. As of September 30, 2026, we were unable to assess the potential loss associated with these proceedings as the claims do not currently specify the number of employees seeking damages or the amount of damages being sought.

Item 1A. Risk Factors

The information set forth in this Report, including, without limitation, the risk factor presented below, updates and should be read in conjunction with, the risk factors and information disclosed in Part I, Item 1A., “Risk Factors,” in our Annual Report on Form 10-K filed on February 13, 2026.

Following the Mexico Facility Closure, we expect to rely primarily on one facility in Pamplona, Spain for the manufacturing of connecting pins, a necessary component of our graphite electrodes. Our results of operations could deteriorate if this facility would become unable to provide us with the required volume of connecting pins.

We manufacture graphite connecting pins, which are used by customers to connect and fasten graphite electrodes together in a column for use in an EAF. Historically, all of our connecting pin production was performed at our Monterrey, Mexico facility, which is now undergoing a planned permanent closure. As a result, we expect to primarily rely on our Pamplona, Spain facility for this critical component. If our Pamplona, Spain facility were to become unable to provide us with connecting pins in required volumes, at suitable quality levels, or in a cost-effective manner, including during the transition of production from Monterrey, we would be required to identify and obtain replacement manufacturing sources, including third-party purchases. There is no assurance that we would be able to obtain acceptable alternative sources on a cost-effective or timely basis, or at all. An extended interruption in the supply of connecting pins would result in the loss of sales, which could have a material adverse effect on our business, financial condition or operating results. Furthermore, our ability to obtain the estimated cost savings, capital expenditure reductions, working-capital release, and other benefits from the Mexico Facility Closure may not occur on our expected timing or at all.

Table of PART II. OTHER INFORMATION (CONT'D)

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

Item 5. Other Information

None of the Company’s directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as each term is defined in Item 408 of Regulation S-K) during the Company’s fiscal quarter ended September 30, 2026.

Table of PART II. OTHER INFORMATION (CONT'D)

GRAFTECH INTERNATIONAL LTD. AND SUBSIDIARIES

Item 6. Exhibits

Exhibit

Number

Description of Exhibit








3.1	Amended and Restated Certificate of Incorporation of GrafTech International Ltd. (incorporated by reference to Exhibit 3.1 to GrafTech International Ltd.’s Quarterly Report on Form 10-Q filed May 1, 2019).

3.2	Certificate of Amendment to Amended and Restated Certificate of Incorporation of GrafTech International Ltd. (incorporated by reference to Exhibit 3.1 to GrafTech International Ltd.’s Current Report on Form 8-K filed August 28, 2025).

3.3	Amended and Restated By-Laws of GrafTech International Ltd. (incorporated by reference to Exhibit 3.1 to GrafTech International Ltd.’s Current Report on Form 8-K filed November 14, 2023).

31.1*	Certification pursuant to Rule 13a-14(a) under the Exchange Act by Timothy K. Flanagan, Chief Executive Officer and President (Principal Executive Officer).

31.2*	Certification pursuant to Rule 13a-14(a) under the Exchange Act by Rory O’Donnell, Chief Financial Officer and Senior Vice President (Principal Financial Officer).

32.1**	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by Timothy K. Flanagan, Chief Executive Officer and President (Principal Executive Officer).

32.2**	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by Rory O’Donnell, Chief Financial Officer and Senior Vice President (Principal Financial Officer).

101	The following financial information from GrafTech International Ltd.’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026 formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Operations and Comprehensive Loss, (iii) the Condensed Consolidated Statements of Cash Flows, (iv) the Condensed Consolidated Statements of Stockholders’ Deficit, and (v) Notes to the Condensed Consolidated Financial Statements.

104	Cover Page Interactive Data file (formatted as Inline XBRL and contained in Exhibit 101).

____________________________

* Filed herewith

** Furnished herewith

Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.


			GRAFTECH INTERNATIONAL LTD.
Date:	October 23, 2026	By:	/s/ Rory O’Donnell
			Rory O’Donnell
			Chief Financial Officer and Senior Vice President (Principal Financial Officer and Principal Accounting Officer)

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