GrafTech International (EAF) Q4 2025 earnings summary

Executive summary

• Achieved 6% year-over-year sales volume growth in 2025, with U.S. sales volume up 48% for the year and 83% in Q4, reflecting a strategic shift to higher-margin U.S. markets.

• Delivered an 11% year-over-year reduction in cash cost per metric ton, surpassing guidance and demonstrating strong cost control.

• Ended 2025 with $340 million in liquidity and no significant debt maturities until December 2029.

• Maintained strict margin discipline, walking away from low-margin opportunities, especially in the Middle East and Europe.

• Achieved record safety performance with a TRIR of 0.41 in 2025.

Financial highlights

• Q4 2025 production volume was 28,000 metric tons (60% utilization); full-year production was 112,000 metric tons (63% utilization), up 15% year-over-year.

• Q4 2025 sales volume was 27,000 metric tons, flat year-over-year; full-year sales volume up 6% and U.S. sales volume up 48%.

• Q4 2025 net loss was $65 million ($2.50/share); full-year net loss was $220 million ($8.45/share), including a $43 million non-cash tax expense.

• Q4 2025 average selling price was $4,000/ton, down 9% year-over-year; full-year net sales were $504 million, down 6% due to lower prices.

• Full-year adjusted EBITDA was negative $9 million; adjusted free cash flow was negative $115 million.

Outlook and guidance

• Projecting 5–10% year-over-year sales volume growth for 2026, with about 65% of anticipated volume already committed.

• Expecting a low single-digit percent decline in cash cost per ton for 2026.

• Full-year 2026 capital expenditures expected to be approximately $35 million.

• Anticipate continued pricing pressure in 2026, with actions planned to optimize order book and maintain profitability.

• Long-term demand growth expected from EAF steelmaking and battery material supply chains.