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- **Sales Growth and Cost Efficiency**: 9% YoY sales volume growth to 29,000 metric tons, driven by U.S. market expansion (53% YoY). 10% YoY cost reduction to $3,795/ton, with 30% cumulative decline since 2023.
- **Financial Resilience**: $13 million adjusted EBITDA and $18 million free cash flow, despite global demand challenges. Liquidity at $384 million supports strategic initiatives.
- **Strategic Shifts**: Focus on high-margin U.S. market and cost optimization to offset global oversupply. Battery market expansion potential with excess capacity.
- **Policy Tailwinds**: U.S. and EU trade measures expected to reduce foreign electrode imports, supporting domestic pricing recovery.

**【CEO Summary Section】**
- **Sales Volume Growth**: Achieved a 9% year-over-year increase to 29,000 metric tons, driven by a strategic shift to the U.S. market (53% YoY growth). Full-year guidance updated to 8-10% growth, reflecting disciplined pricing.
- **Cost Efficiency**: Delivered a 10% YoY reduction in cash cost per metric ton, with a cumulative 30% decline since 2023. Full-year guidance raised to a 10% decline.
- **Market Positioning**: Expanded market share in the U.S., where pricing remains the strongest globally. Focus on high-value regions to offset flat global demand.
- **Operational Performance**: Generated $13 million in adjusted EBITDA and $18 million in free cash flow, exceeding expectations. Liquidity stands at $384 million.

**【CFO Financial Commentary】**
- **Financial Results**: Reported a net loss of $28 million (vs. $36 million YoY), with a $13 million adjusted EBITDA (vs. -$6 million YoY). Operating cash flow improved to $25 million.
- **Cost Management**: Achieved $3,795 cash COGS per metric ton (10% YoY decline). Full-year guidance updated to $3,860 per metric ton, reflecting production efficiency and cost-saving initiatives.
- **Liquidity**: Maintained strong liquidity at $384 million, including $178 million in cash and $207 million in undrawn credit facilities, supporting long-term strategic initiatives.

**【Q&A Highlights】**
- **Deferred Revenue**: One-time $11 million benefit from resolving a commercial matter; no further deferred revenue expected.
- **Pricing Dynamics**: U.S. pricing remains resilient, with flat to slightly up sequential trends. Global oversupply persists, but U.S. tariffs and EU trade measures may support future normalization.
- **Battery Market Expansion**: Exploring opportunities to leverage excess graphitization capacity for synthetic graphite in EV and energy storage markets, contingent on trade policy outcomes.
- **Trade Policy Impact**: U.S. tariffs on Chinese imports and EU trade measures are expected to reduce foreign electrode imports, benefiting domestic producers.
- **Public-Private Partnerships**: GrafTech positioned as a strategic supplier for critical minerals, with potential government support for domestic supply chain development.

GrafTech International Ltd. (EAF) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

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Income Tax Expense

Current Income Tax

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Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

EAF

EAF fundamentals

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