GrafTech International Ltd.

Ladies and gentlemen, thank you for standing by. My name is Desiree and I will be your conference operator today. At this time, I would like to welcome everyone to the Graf Tech's third quarter 2025 earnings conference call and webcast. All lights have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question again, press the star one. I would now like to turn the conference over to Mike Dillon, Vice President of Investor Relations. You may begin.

Thank you, Desiree. Good morning, and welcome to Graf Tech International's third quarter 2025 earnings call. On with me today are Tim Flanagan, Chief Executive Officer, and Rory O'Donnell, Chief Financial Officer. Tim will begin with opening comments, including an update on the commercial environment, Rory will then provide more details on our quarterly results and other financial matters, and Tim will close with additional comments on our outlook. We will then open the call to questions. Turning to our next slide. As a reminder, some of the matters discussed in this call may include forward-looking statements regarding, among other things, performance trends and strategies. These statements are based on current expectations and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those indicated by forward-looking statements are shown here. We will also discuss certain non-GAAP financial measures, and these slides include the relevant non-GAAP reconciliations. You can find these slides in the investor relations section of our website at www.graftech.com. A replay of the call will also be available on our website. I'll now turn the call over to Tim.

Good morning, and thank you for joining Graftech's third quarter earnings call. Today, we'll provide an overview of our third quarter performance, share key operational and commercial updates, and discuss our outlook for the remainder of 2025 and beyond. I'm pleased to share that Grafitech delivered another quarter of meaningful progress in the third quarter of 2025, reflecting our team's commitment to disciplined execution and operational excellence in a challenging market environment. During the quarter, we achieved 9% year-over-year increase in sales volume, reaching nearly 29,000 metric tons. To achieve this, we are actively leveraging our strong customer value proposition and capitalizing on the commercial momentum we have built to expand our market share and drive continued volume growth. In fact, reflecting our revised full-year 2025 sales volume guidance that Roy will speak to in a few moments, we are on track to achieve cumulative sales volume growth of over 20% since the end of 2023. This is impressive growth in any market, but is particularly noteworthy given that graphite electrode demand has remained relatively flat for the past two years. It's a clear indication that our customer value proposition is compelling, and now we're outperforming the broader market. In addition, we continue to focus on optimizing our geographic sales mix, particularly in the United States, where our sales volume grew by 53% year over year in the third quarter. This strategic shift towards the US market, which remains the strongest region for graphite electrode pricing, is a direct result of our efforts to capture opportunities in regions with more favorable pricing dynamics and to strengthen our competitive position. On the cost side, we delivered a 10% year over year reduction in our cash costs per metric ton for the third quarter and increased our full year guidance for cost reductions as Rory will discuss. As a result, for the full year of 2025, we're on track for more than a 30% cumulative reduction in our cash cost per metric ton since the end of 2023. This achievement underscores our ability to control our production costs and adapt our operations to varying levels of demand. Regarding profitability, we generated positive EBITDA adjustment, positive adjusted EBITDA of $13 million for the quarter. We also generated $25 million in net cash from operating activities and $18 million in adjusted free cash flow, further strengthening our liquidity position to $384 million as of the end of September. This cash flow performance and ending liquidity position exceeded our expectations for the third quarter. While we're encouraged by these reported results, and as we previously noted, we'll never be satisfied with this level of performance, yet we view this as a further demonstration of growing momentum and that these are constructive advances in the right direction, providing a solid platform to build upon as the market recovers. Turning to the next slide. Let me provide our current thoughts on the broader steel industry. On a global basis, steel production outside of China was approximately 206 million tons in the third quarter of 2025, up nearly 2% compared to the third quarter of last year, resulting in a global utilization rate for the third quarter of approximately 66%. On a year-to-date basis, global steel production outside of China is relatively flat. Looking at some of our key commercial regions using data published by the World Steel Association earlier this week. For North America, steel production was flat year-to-date compared to the prior year. Specific to the U.S., World Steel reported that on a year-to-date basis, steel production grew 2% compared to 2024. In the EU, steel output decreased 4% year-to-date compared to the same period in 2024 and remains well below historical levels of steel production and utilization for that region. Although the overall steel sector is still experiencing short-term challenges, however, early indications of a rebound in the steel markets have started to appear, and recent developments have provided additional reasons for encouragement. Earlier this month, World Steel published their most recent short-range outlook for steel demand. For the U.S., World Steel is projecting a 1.8% steel demand growth in 2026 behind a number of factors, including pent-up demand for residential construction and easing financing conditions, while favorable trade policies will support domestic steel production. In Europe, World Steel is projecting a return of steel demand growth in the near term, forecasting demand growth of 3.2% for 2026. This reflects some of the demand drivers we have discussed previously, including initiatives to increase investment in infrastructure and defense spending, representing key steel-intensive industries. To further support the European steel industry, earlier this month, the European Commission announced new trade protection measures that should drive higher levels of production in this key region for Graphtec. specifically the measures when effective next year, will cut steel import quotas by 47%, significantly increase the out-of-quota tariffs, and introduce melt and pour provisions to prevent circumvention. These measures are in addition to the provisions within the Carbon Border Adjustment Mechanism, or CBOM, that is expected to provide further support to the EU steel industry once implemented at the beginning of 2026. These developments are a structural positive for the EU steel industry. with some analysts projecting the trade projections to drive the steel imports lower by more than 10 million tons on an annualized basis. This alone could drive EU steel capacity utilization rates, which have averaged just over 60% for the past couple of years to nearly 70%. Finally, on a global basis, World Steel is projecting global steel demand outside of China to grow 3.5% year-over-year based on many of the same factors. A further easing of geopolitical tensions and improved macroeconomic conditions could support further growth. Against that backdrop, we are having active and ongoing dialogue with our customers on their needs for the upcoming year. While it's too early in the process to draw any conclusions, our compelling customer value proposition positions us well to continue the share gains we've achieved over the past two years, including further market share growth in the United States. At the end of the day, we're unwavering in our commitment to serve our customers with excellence and be the most trusted, value-added supplier of high-quality graphite electrodes, consistent with our focus on nurturing long-term partnerships built on performance, reliability, and mutual success. We look forward to sharing more on our 2026 outlook during our year-end call. Before turning the call over to Rory, I want to sincerely thank our entire team around the world for the remarkable efforts, resilience, and commitment during this pivotal time. Their dedication continues to drive our progress and position us for long-term success. But most importantly, I want to thank our employees for their unwavering commitment to a culture of safety. This is a non-negotiable priority across the organization, and we're pleased to have maintained strong momentum in this area, putting us on track for our best safety performance in years. As we move through the end of the year and into next, sustaining and building on this momentum is a must and must remain a critical focus. Our ultimate goal is zero injuries, and we continue to work relentless toward that standard every single day. With that, let me turn the call over to Rory to provide more color on our commercial and financial performance.