GrafTech International Ltd (EAF) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is JL and I will be your conference operator today. At this time, I would like to welcome everyone to the GrafTech's first-quarter 2026 earnings conference call and webcast. (Operator Instructions) I would now like to turn the conference over to Mike Dillon, Vice President, Investor Relations and Treasurer. You may begin.

感謝您耐心等候。我叫JL，今天將擔任本次會議的接線員。此刻，我謹代表公司歡迎各位參加GrafTech 2026年第一季財報電話會議與網路直播。(接線員指示) 現在我將把會議交給投資人關係副總裁兼財務主管Mike Dillon。您可以開始了。

Good morning and welcome to GrafTech International's first-quarter 2026 earnings call. Thank you for joining us. Joining me on the call are Timothy Flanagan, Chief Executive Officer; and Rory O'Donnell, Chief Financial Officer. Tim will begin with opening comments on our first-quarter performance and key strategic initiatives. Rory will then provide more details on our quarterly results and other financial matters. After brief closing comments by Timothy, we will then open the call to questions.

各位早安，歡迎參加GrafTech International 2026年第一季財報電話會議。感謝各位加入。與我一同出席本次電話會議的有執行長Timothy Flanagan，以及財務長Rory O'Donnell。Tim將先就我們第一季表現與關鍵策略性計畫發表開場談話。接著Rory將就本季業績與其他財務事項提供更多細節。在Timothy簡短的結語之後，我們將開放提問。

Turning to our next slide. As a reminder, our comments today may include forward-looking statements regarding, among other things, performance, trends, and strategies. These statements are based on current expectations that 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.

接著請看下一張投影片。提醒各位，我們今天的發言可能包含前瞻性陳述，內容涉及（但不限於）績效、趨勢與策略。這些陳述係基於目前預期，且可能受到風險與不確定性影響。可能導致實際結果與前瞻性陳述所示有重大差異的因素如本頁所示。我們也將討論若干非GAAP財務衡量指標，本簡報亦包含相關的非GAAP調節表。

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.

您可在我們網站www.graftech.com的投資人關係專區找到本簡報。電話會議重播也將在我們網站提供。現在我把電話交給Tim。

Good morning, thank you for joining GrafTech's first-quarter earnings call. While the graphite electrode industry continues to navigate a period of transition, we are starting to see signs of improvement, and GrafTech is well-positioned to capitalize on the recovery ahead. At the same time, geopolitical conflicts are generating macro uncertainty and energy market volatility.

各位早安，感謝各位參加GrafTech第一季財報電話會議。雖然石墨電極產業仍在轉型期中前行，我們已開始看到改善跡象，而GrafTech也已做好準備，把握即將到來的復甦。同時，地緣政治衝突正帶來總體不確定性與能源市場波動。

Against this backdrop, our priorities remain clear: drive disciplined commercial execution, continue improving our cost structure, maintain strong liquidity, operate safely, and position GrafTech for long-term value creation. In all of these areas, we'll continue to take decisive actions to support the long-term viability of our business. To that end, let me provide an update on several of our key strategic initiatives that leverage the commercial, operational, and financial progress that we've made over the past couple of years.

在此背景下，我們的優先事項依然明確：推動嚴謹的商務執行、持續改善成本結構、維持強勁流動性、安全營運，並使GrafTech具備長期價值創造的定位。在上述各方面，我們將持續採取果斷行動，以支持本業的長期可行性。為此，讓我更新幾項關鍵策略性計畫的進展，這些計畫建立在我們過去幾年在商務、營運與財務方面所取得的進步之上。

Starting on the commercial front. For some time, we've been clear that pricing levels have not reflected the indispensable nature of a graphite electrode, nor the level of investment required to maintain a stable, reliable supply for the steel industry. That's happened even as steel makers in the US and Europe have announced cumulative price increases over the past five quarters for finished steel products of approximately 50% and 25%, respectively, reinforcing the disconnect between value creation in the steel industry and the pricing environment for graphite electrodes, a mission-critical consumable.

先從商務面談起。一段時間以來，我們一直明確指出，目前的價格水準並未反映石墨電極不可或缺的特性，也未反映為鋼鐵產業維持穩定可靠供應所需的投資水準。即便如此，美國與歐洲鋼鐵製造商在過去五個季度已宣布成品鋼材累計漲價約50%與25%，這更凸顯鋼鐵產業的價值創造與石墨電極（關鍵性消耗品）定價環境之間的落差。

In response, we are actively pursuing both market-based and policy-driven solutions as part of our disciplined approach to addressing this condition. On March 26, we announced that we're increasing our graphite electrode prices by a minimum of $600 to $1,200 per metric ton, depending on the region. From a customer's perspective, this represents a $1 to $2 increase or less than one half of 1% of the cost to produce a ton of steel. This increase will only apply to volume that was not yet committed as of that date.

為此，我們正積極推動以市場為基礎與政策驅動的解決方案，作為我們以紀律方式處理此一狀況的一部分。3月26日，我們宣布將石墨電極價格上調，每公噸至少提高600至1,200美元，視地區而定。從客戶角度來看，這相當於每噸鋼的成本增加1至2美元，或不到生產每噸鋼成本的0.5%。本次調漲僅適用於截至該日尚未承諾的供貨量。

This price increase represents only a first step to restoring pricing to levels that safeguard regional graphite electrode production and continuity of supply for our customers. And as we remain focused on value over volume, we'll continue to walk away from volume opportunities that do not meet our margin requirements. Though still early on, we've been encouraged by our customers' reaction to the price announcement and the reflection of the price increase in recent tenders.

此次調價僅是第一步，目的是將價格恢復至能夠保障區域石墨電極生產、並確保客戶供應連續性的水準。在我們持續以價值優先於量的前提下，我們也將繼續放棄不符合我們毛利要求的量的機會。雖然仍在初期階段，但我們對客戶對調價公告的反應，以及近期標案中反映出的漲價情況感到鼓舞。

As of today, more than 85% of our anticipated volume is committed in our order book, mostly at price points that reflect market pricing at the end of the fourth quarter of 2025. However, we're pleased to see the positive pricing momentum, which will lay a critical foundation as we begin the 2027 price negotiations later this year.

截至今日，我們預期出貨量中已有超過85%在訂單簿中完成承諾，且多數價格點仍反映2025年第四季末的市場定價。不過，我們樂見正向的價格動能，這將在我們今年稍晚開始進行2027年價格談判時奠定關鍵基礎。

To further support these efforts, we are actively engaged in advocating for GrafTech in our key commercial jurisdictions as part of our commitment to fair trade and market stability. In the US, this includes our support of trade cases filed earlier this year related to the imports of large-diameter graphite electrodes at unfair prices.

為進一步支持這些努力，作為我們對公平貿易與市場穩定承諾的一部分，我們正積極在主要商務司法管轄區為GrafTech發聲。在美國，這包括我們支持今年稍早針對以不公平價格進口的大直徑石墨電極所提出的貿易案件。

In April, the United States International Trade Commission announced their preliminary determination that there is a reasonable indication that the domestic industry is being materially injured by imports from China and India that are being sold in the US at far less than fair value and subsidized by those governments respectively. As a result of this determination, the United States Department of Commerce will continue its investigation.

4月，美國國際貿易委員會宣布其初步裁定，認定有合理跡象顯示，國內產業正因來自中國與印度的進口而遭受實質損害；這些產品在美國的銷售價格遠低於公平價值，且分別受到其政府補貼。基於此一裁定，美國商務部將繼續進行調查。

We're very encouraged by these developments and remain confident that the Commerce and that the International Trade Commission will complete a thorough investigation and take the necessary actions to address these unfair trade practices. As we assess progress towards constructive pricing and supportive trade actions, we continue to evaluate the level of production capacity we need to maintain and the level of volume we will deliver to the market, reflecting our commitment to take decisive actions and support the long-term viability of our business.

我們對這些進展深受鼓舞，並仍有信心商務部與國際貿易委員會將完成全面調查，並採取必要行動以處理這些不公平貿易行為。在我們評估朝向具建設性的定價與支持性的貿易行動之進展同時，我們也持續評估需要維持的產能水準以及將供應市場的出貨量水準，反映我們採取果斷行動並支持本業長期可行性的承諾。

We also continue to assess the industry-wide impact of recent geopolitical developments, particularly the effect on key graphite electrode inputs, including oil-based raw materials, energy, and logistics. Disruptions in the production and transportation of oil out of the Middle East are having a significant impact on the global oil market. This, in turn, has translated into higher decant oil prices, the key raw material for petroleum needle coke.

我們也持續評估近期地緣政治發展對全產業的影響，特別是對石墨電極關鍵投入項目的影響，包括油基原料、能源與物流。中東地區原油生產與運輸的中斷，正對全球油市造成顯著影響。進而推升了澄清油（decant oil）價格，而澄清油是石油系針狀焦的關鍵原料。

While the needle coke market has been relatively flat for the past two years, we anticipate that higher input costs and potential disruptions in decant oil availability for certain needle coke producers will provide a catalyst for needle coke pricing. In addition, shipping disruption and rising geopolitical risk continue to reinforce the need for supply chain security.

雖然針狀焦市場在過去兩年相對持平，但我們預期較高的投入成本，以及部分針狀焦生產商在澄清油供應可得性方面可能出現的中斷，將成為推動針狀焦價格的催化因素。此外，航運中斷與上升的地緣政治風險，持續強化供應鏈安全的必要性。

We are beginning to see a shift in sourcing behavior for certain steel producers with an increased focus on regional production and surety of supply to safeguard continuity of their operations. In this regard, we're well-positioned to meet the needs of our customers. Our strategically positioned global manufacturing footprint provides a competitive advantage given its proximity to large EAF steelmaking regions.

我們開始看到部分鋼鐵生產商的採購行為出現轉變，更加聚焦於區域生產與供應確定性，以保障其營運的連續性。在這方面，我們具備良好條件以滿足客戶需求。我們策略性布局的全球製造版圖，因鄰近主要電弧爐（EAF）煉鋼區域而具備競爭優勢。

Further, we have surety of needle coke supply through our vertical integration with Seadrift, which sources all of its decant oil needs from domestic producers. Lastly, regarding the impact of the conflict on GrafTech's cost structure, our efforts over the past several years have created a more agile, more efficient manufacturing footprint that positions us well to control production costs while navigating a dynamic macro environment. We expect incremental improvement through operational efficiencies and disciplined production management.

此外，透過與Seadrift的垂直整合，我們確保針狀焦供應無虞；Seadrift的澄清油需求全部來自國內供應商。最後，關於衝突對GrafTech成本結構的影響，我們過去數年的努力已打造出更敏捷、更高效率的製造版圖，使我們在面對動態的總體環境時，能更有效控制生產成本。我們預期可透過營運效率提升與嚴謹的生產管理，帶來額外改善。

As a result, our current expectation is that we'll achieve a modest year-over-year reduction in cash COGS consistent with our guidance at the beginning of the year. (inaudible) the extent and duration of the conflict in the Middle East and the resulting longer-term impact on the oil and energy markets remains uncertain. Ultimately, sustained increases in our key input costs will require us to take further action on electrode pricing.

因此，我們目前預期將在現金銷貨成本（cash COGS）方面達成年對年小幅下降，符合年初所提供的指引。(聽不清) 然而，中東衝突的範圍與持續時間，以及其對油品與能源市場的較長期影響仍不確定。最終，若我們關鍵投入成本持續上升，將需要我們在電極定價上採取進一步行動。

Stepping back as it relates to the graphite electrode and needle coke industries, we are seeing an inflection point take shape. The near-term pricing environment is improving and the long-term fundamentals remain firmly intact. Electric arc furnace steelmaking continues to gain share globally, driven by decarbonization trends and structural shifts in steel production. This transition supports long-term demand for graphite electrodes and in turn, petroleum needle coke.

退一步從石墨電極與針狀焦產業的角度來看，我們正看到一個拐點正在形成。短期的定價環境正在改善，而長期基本面仍然十分穩固。在去碳化趨勢與鋼鐵生產結構性轉變的推動下，電弧爐（EAF）煉鋼在全球持續提升市占率。這項轉型支撐石墨電極的長期需求，進而帶動石油針狀焦的需求。

We expect further synthetic graphite and petroleum needle coke demand to result from the building of Western supply chains for battery needs, whether for electric vehicles or energy storage applications. We applaud the efforts of policymakers both in the US and the EU as begin to develop a joint Critical Minerals Action Plan. This action plan establishes a framework for the two trading partners to coordinate policies to ensure supply chain resiliency for critical minerals such as synthetic graphite as they explore potential trade mechanisms, including border-adjusted price floors.

我們預期，為滿足電池需求而建立西方供應鏈（無論是電動車或儲能應用）將進一步帶動合成石墨與石油針狀焦的需求。我們肯定美國與歐盟政策制定者的努力，雙方正開始制定聯合《關鍵礦物行動計畫》。該行動計畫建立一個框架，使兩個貿易夥伴能協調政策，以確保合成石墨等關鍵礦物的供應鏈韌性，同時探索潛在的貿易機制，包括邊境調整的價格底線。

Furthermore, there's overwhelming evidence in trade cases across multiple jurisdictions that whether it's to support the establishment of a supply chain that doesn't exist outside of China today or to protect those industries that do, pricing support for materials that are critical for national and economic security are an absolute must. Against this backdrop, GrafTech continues to take proactive measures that seek to capitalize on these emerging opportunities.

此外，跨多個司法管轄區的貿易案件中有壓倒性的證據顯示：無論是為了支持建立一條目前除中國以外並不存在的供應鏈，或是為了保護既有產業，對於攸關國家與經濟安全的關鍵材料，提供價格支持都是絕對必要的。在此背景下，GrafTech 持續採取積極措施，力求把握這些新興機會。

These include ongoing engagement with the US administration at various levels to help inform and shape critical mineral policies as it relates to graphite electrodes as well as battery materials. Within the EU, supporting the ongoing efforts of the European Carbon and Graphite Association as they advocate for stronger European steel and graphite electrode industries, and demonstrating our technical capabilities through partnership and engagement with various agencies, research institutions, and companies.

這些措施包括在不同層級持續與美國政府互動，協助提供資訊並形塑與石墨電極及電池材料相關的關鍵礦物政策。在歐盟方面，支持歐洲碳與石墨協會（European Carbon and Graphite Association）的持續努力，協助其倡議更強健的歐洲鋼鐵與石墨電極產業，並透過與各機構、研究機構及企業的合作與交流，展現我們的技術能力。

Let me pivot to our current thoughts on the steel industry trends as context for the rest of our discussion on our performance and outlook. Global steel production outside of China was 212 million tonnes in the first quarter, up approximately 1% compared to the prior year, with a global utilization rate of approximately 67% for the quarter.

接下來我想轉到我們對鋼鐵產業趨勢的最新看法，作為後續討論我們表現與展望的背景。第一季中國以外的全球鋼鐵產量為2.12億噸，較去年同期約成長1%，本季全球產能利用率約為67%。

Looking at some of our key commercial regions using data recently published in the World Steel Association. For North America, steel production was up 2% in the first quarter compared to the prior year, driven by 6% year-over-year growth in the Unites States. And we're seeing this trend continue into Q2, with the [AISI] reporting that weekly US capacity utilization rate hit 80% for just the second time in the past two years. This is a clear signal that EAF steelmaking activity, and therefore demand for our electrodes, is gaining momentum in an important commercial region.

我們以世界鋼鐵協會近期發布的數據，來看幾個主要商業區域。北美方面，第一季鋼鐵產量較去年同期成長2%，主要由美國年增6%所帶動。我們也看到這個趨勢延續到第二季，[AISI] 報告指出，美國每週產能利用率在過去兩年中僅第二次達到80%。這清楚顯示，在一個重要的商業區域內，EAF 煉鋼活動、因此也包括對我們電極的需求，正在增強動能。

Conversely, in the EU, steel output for the first quarter remained depressed, declining 3% compared to the prior year. However, as we've noted previously, indicators of a rebound in the steel market have started to appear both in the EU and globally. Turning to the next slide and expanding on this point. In April, World Steel published their latest short-range outlook for steel demand.

相較之下，歐盟第一季鋼鐵產出仍然低迷，較去年同期下滑3%。不過，正如我們先前所提到的，歐盟以及全球鋼市回升的指標已開始浮現。接著看下一張投影片，進一步說明這一點。4月，世界鋼鐵協會發布了最新的短期鋼鐵需求展望。

Globally, outside of China, World Steel is projecting 2026 steel demand to grow 1.9% year over year. For the US, World Steel is projecting 1.7% steel demand growth in 2026. Along with this demand growth, favorable trade policies are expected to further support US steel production. For Europe, World Steel is projecting a return of steel demand growth in the near term, forecasting demand growth of 1.3% for 2026.

在全球（不含中國）方面，世界鋼鐵協會預估2026年鋼鐵需求將年增1.9%。就美國而言，世界鋼鐵協會預估2026年鋼鐵需求成長1.7%。除需求成長外，預期有利的貿易政策也將進一步支撐美國鋼鐵產量。就歐洲而言，世界鋼鐵協會預期短期內鋼鐵需求將恢復成長，並預測2026年需求成長1.3%。

This reflects some of the demand drivers we've discussed in the past earnings calls, including initiatives to increase infrastructure investment, defense spending, representing key steel-intensive industries. In addition, key policy initiatives in the EU are expected to support higher levels of steel production in this important commercial region for GrafTech. Specifically, provisions within the Carbon Border Adjustment Mechanism, or CBAM, implemented in early 2026, will make certain steel imports into the EU less competitive.

這反映了我們在過去法說會中討論過的一些需求驅動因素，包括提高基礎建設投資、增加國防支出等，這些都是用鋼密集型產業。此外，歐盟的關鍵政策倡議預期將支撐 GrafTech 在此重要商業區域的鋼鐵產量提升。具體而言，於2026年初實施的碳邊境調整機制（CBAM）中的相關條款，將使部分進口至歐盟的鋼材競爭力下降。

Further in April, the EU approved the proposal initially made by the European Commission in 2025 to significantly increase trade protections on steel. These new measures, which will be effective at the beginning of July, will cut tariff-free steel import quotas nearly in half, double the above-quota duties to 50%, and introduce melt and pour disclosure rules to prevent circumvention.

此外在4月，歐盟批准了歐盟執委會於2025年最初提出、旨在大幅提高鋼鐵貿易保護的提案。這些新措施將於7月初生效，將免關稅鋼鐵進口配額幾乎減半，把超額配額的關稅提高一倍至50%，並引入「熔煉與澆鑄」（melt and pour）揭露規則以防止規避。

All this is expected to boost domestic steel production, with some analysts projecting capacity utilization rates in the EU could increase from current levels around 60% to potentially 80% over time. Overall, we continue to project that globally, outside of China, demand for graphite electrodes will increase in 2026, with all major regions expected to contribute. GrafTech is uniquely positioned to capture a disproportionate share of that growth.

整體而言，這些措施預期將提振本土鋼鐵產量；部分分析師預估，歐盟產能利用率可能從目前約60%的水準，隨時間推進提升至潛在的80%。總體來看，我們仍預期2026年在全球（不含中國）石墨電極需求將增加，且所有主要區域都可望有所貢獻。GrafTech 具備獨特優勢，可望取得高於比例的成長份額。

Before I hand the call over to Rory, I want to circle back on one of the key priorities I mentioned in my opening comments, operating safely. Our team continues to do just that, and I want to thank them for their efforts. For the first quarter, our total recordable incident rate was 0.35, a further improvement over the full-year rate for 2025. Sustaining this momentum will remain a critical focus as we work relentlessly towards our goal of zero injuries.

在我把電話交給 Rory 之前，我想回到我在開場提到的其中一項關鍵優先事項：安全營運。我們的團隊持續做到這一點，我也要感謝他們的努力。第一季我們的總可記錄事故率為0.35，較2025年全年水準進一步改善。在我們不懈努力朝「零傷害」目標邁進的同時，維持這股動能仍將是關鍵重點。

But with that, I'm going to turn it over to Rory, who will provide more color on our commercial and financial performance for the quarter. Rory?

那麼接下來我把時間交給 Rory，他將更詳細說明本季的商業與財務表現。Rory？

Thank you, Tim, and good morning, everyone. Starting with our operations. Our production volume for the first quarter was 29,000 metric tons, resulting in a capacity utilization rate of 65% for the quarter. On the commercial front, our sales volume in the first quarter was 28,000 metric tons, an increase of 14% compared to the prior year. As we remain focused on value over volume, we continue to prioritize business that meets our margin expectations while expanding our presence in higher-value regions, particularly United States.

謝謝你，Tim，各位早安。先從營運面開始。第一季我們的產量為29,000公噸，使本季產能利用率達到65%。在商業面，第一季銷量為28,000公噸，較去年同期增加14%。由於我們仍聚焦「價值重於數量」，我們持續優先承接符合我們毛利預期的業務，同時擴大在高價值區域的布局，尤其是美國。

To that end, we delivered 37% sales volume growth year over year in the US for the first quarter. For the full year, we remain on track to achieve our original guidance of a 5% to 10% year-over-year increase in total sales volume, reflecting further market share gains. Of our anticipated 2026 volume, we have more than 85% committed in our order book to date, which provide good visibility as this is tracking ahead of where we were at this point last year.

為此，我們第一季在美國的銷量年增37%。就全年而言，我們仍按計畫達成原先指引：總銷量年增5%至10%，反映市占率進一步提升。在我們預期的2026年出貨量中，截至目前已有超過85%在訂單簿中承諾，能見度良好，且進度領先於去年同期。

Turning to price. Our average selling price for the first quarter was approximately $3,900 per metric ton, which represented a 5% decline compared to the prior year, and sequentially, a 2% decline compared to the fourth quarter. As we take stock of our pricing action, we are encouraged to see that the trajectory of our pricing is beginning to turn.

接著談價格。第一季平均售價約為每公噸3,900美元，較去年同期下滑5%，與第四季相比則季減2%。在檢視我們的定價行動後，我們很高興看到價格走勢開始出現轉折。

While we continue to operate with disciplined commercial standards, we are encouraged by the positive pricing momentum, which, in addition to our pricing actions, also reflects the improving backdrop in EAF steel making, all of which is positioning GrafTech to capture significant long-term value as fundamentals continue to improve.

在我們持續以嚴謹的商業紀律營運的同時，我們也受到正向的價格動能所鼓舞；這除了反映我們的定價行動外，也反映EAF煉鋼環境的改善。上述因素正使 GrafTech 在基本面持續改善之際，有利於掌握可觀的長期價值。

Turning to the next slide and expanding on costs. For the first quarter, our cash costs on a per metric ton basis were $3,848. While above the level reported in the first quarter of 2025, this represented a 4% sequential decline from the fourth quarter. As we have noted in prior calls, we will have periodic quarter-to-quarter fluctuations in our cash cost recognition as a result of timing impacts.

接著看下一張投影片，進一步說明成本。第一季我們以每公噸計的現金成本為3,848美元。雖然高於2025年第一季所報告的水準，但較第四季季減4%。如同我們在先前電話會議中提到的，由於時點影響，我們的現金成本認列在季度之間會出現一定的波動。

However, our underlying cost structure remains significantly improved compared to the prior periods. We will remain focused on further optimization opportunities, including procurement and production efficiency and cost management across the organization, including in response to the geopolitically driven cost pressures that Tim spoke to.

然而，與先前期間相比，我們的基礎成本結構仍顯著改善。我們將持續專注於進一步的最佳化機會，包括採購與生產效率，以及全組織的成本管理，也包括因 Tim 所提及之地緣政治驅動的成本壓力所做的因應。

Importantly, we continue to achieve all of this while maintaining our dedication to product quality and reliability, as well as upholding our commitments to environmental responsibility and safety. Overall, cost discipline remains a cornerstone of our strategy, and we are pleased with our ongoing progress toward achieving our long-term expectation of cash costs being approximately $3,600 to $3,700 per metric ton.

重要的是，我們在達成上述各項的同時，仍持續堅守對產品品質與可靠性的承諾，並履行我們對環境責任與安全的承諾。整體而言，成本紀律仍是我們策略的基石；我們也樂見在朝向長期目標持續推進的進展，即現金成本約為每公噸 3,600 至 3,700 美元。

Turning to the next slide and factoring all of this in. For the first quarter, we had a net loss of $43 million, or $1.66 per share. Adjusted EBITDA was negative $14 million compared to negative $4 million in the prior year, primarily due to the decline in our average pricing.

接著看下一張投影片，並將上述因素一併納入考量。第一季我們淨損 4,300 萬美元，或每股 1.66 美元。調整後 EBITDA 為負 1,400 萬美元，較去年同期的負 400 萬美元惡化，主要因我們平均售價下滑所致。

Turning to cash flow. For the first quarter, cash used in operating activities was $15 million. Adjusted free cash flow was negative $27 million compared to negative $40 million in the first quarter of 2025, as the prior year reflected a planned inventory build in the first quarter compared to a more neutral impact of working capital in the current year. On a full-year basis, we continue to project a modest increase in our net working capital levels, reflecting our anticipated volume growth.

接著談現金流。第一季營運活動使用現金為 1,500 萬美元。調整後自由現金流為負 2,700 萬美元，較 2025 年第一季的負 4,000 萬美元改善，因去年同期反映第一季計畫性存貨增加，而本年度營運資金影響較為中性。以全年來看，我們仍預期淨營運資金水準將小幅上升，反映我們預期的出貨量成長。

As we have noted, to the extent that conflict-driven impacts on the oil and energy markets result in sustained increases in the carrying cost of our inventory, this will need to be reflected in our graphite electrode pricing moving forward. Lastly, regarding CapEx, we continue to anticipate the full year spend will be approximately $35 million. Which we believe is an adequate level to maintain our assets at current utilization levels and support targeted investments in productivity capital.

如我們先前所述，若衝突所驅動的油品與能源市場影響，導致我們存貨持有成本持續上升，未來這將需要反映在我們的石墨電極定價之中。最後，關於資本支出（CapEx），我們仍預期全年支出約為 3,500 萬美元。我們認為此水準足以在目前產能利用率下維持資產運作，並支持在生產力資本方面的目標性投資。

Turning to the next slide. We ended the first quarter with total equity of $329 million, consisting of $120 million of cash, $108 million of availability under our revolving credit facility, and $100 million of availability under our delayed draw term loan.

接著看下一張投影片。第一季末我們的總權益為 3.29 億美元，其中包括 1.20 億美元現金、循環信用額度下可用額度 1.08 億美元，以及延遲提領定期貸款下可用額度 1.00 億美元。

As a reminder, the untapped portion of our delayed draw term loan is available to be drawn until July of 2026, and our expectation remains to draw on this residual portion, most likely by the end of the second quarter. As it relates to our $225 million revolving credit facility, which matures in November of 2028, we had no borrowings outstanding as of the end of the quarter.

提醒一下，我們延遲提領定期貸款中尚未動用的部分，可提領至 2026 年 7 月；我們仍預期將動用這部分餘額，最可能在第二季末之前。至於我們 2.25 億美元的循環信用額度（到期日為 2028 年 11 月），截至季末我們沒有任何未償借款。

However, based on a springing financial covenant that considers our recent financial performance, borrowing availability under the revolver remains limited to approximately $115 million, less currently outstanding letters of credit, which were approximately $7 million at the end of the first quarter.

然而，基於一項會因應我們近期財務表現而啟動的財務契約條款，循環額度下的可借款額度仍限制在約 1.15 億美元，並需扣除目前未償的信用狀；第一季末信用狀約為 700 萬美元。

More broadly, as it relates to our liquidity position, our pricing actions announced in the first quarter will set the stage for a more constructive pricing going forward, particularly as it relates to 2027 negotiations that are set to begin in the back half of 2026. As a reference point, based on current utilization rates, each $100 improvement in our average selling price would equate to approximately $12 million of incremental liquidity.

更廣泛地就我們的流動性部位而言，我們在第一季宣布的定價行動將為未來更具建設性的定價奠定基礎，特別是與預計於 2026 年下半年開始的 2027 年合約談判相關。作為參考，在目前產能利用率下，我們平均售價每提高 100 美元，約可帶來 1,200 萬美元的增量流動性。

In conjunction with the other key initiatives that Tim spoke to, it is expected to result in a marked improvement in our financial performance in 2027 and beyond. As such, we believe our $329 million liquidity position, along with the absence of substantial debt maturities until December of 2029, provides a strong foundation from which to execute our strategy, capitalize on improving market conditions, and position GrafTech for meaningful long-term value creation.

結合 Tim 所提及的其他關鍵措施，預期將使我們在 2027 年及之後的財務表現顯著改善。因此，我們認為 3.29 億美元的流動性部位，加上直到 2029 年 12 月之前並無重大債務到期，為我們執行策略、把握市場環境改善並使 GrafTech 創造具意義的長期價值提供了堅實基礎。

In closing my remarks, I would like to extend my gratitude for the outstanding commitment and hard work demonstrated by our team members worldwide and thank our customers and our investors for their continued partnership. I will now turn the call back to Tim for a few closing comments.

在結束我的發言前，我要對全球團隊成員展現的卓越投入與辛勤工作致上謝意，並感謝我們的客戶與投資人持續的合作夥伴關係。接下來我把電話交回給 Tim，請他做幾點結語。

Thank you, Rory. This remains a pivotal time for GrafTech and our broader industry. Near-term demand fundamentals are beginning to improve. Our price increase actions, favorable trade rulings, supportive policy action, and strong EAF steelmaking trends from key customers are all reinforcing the pricing recovery thesis. Further, long-term growth drivers, including decarbonization, the continued shift to electric arc furnace steelmaking, and the growing demand for needle coke and synthetic graphite are firmly in place.

謝謝你，Rory。這對 GrafTech 以及我們更廣泛的產業而言仍是關鍵時刻。短期需求基本面正開始改善。我們的漲價行動、有利的貿易裁決、支持性的政策作為，以及來自主要客戶的電弧爐（EAF）煉鋼強勁趨勢，都在強化價格復甦的論點。此外，長期成長動能，包括去碳化、持續轉向電弧爐煉鋼，以及針狀焦與合成石墨需求成長，均已穩固到位。

As the only pure-play graphite electrode producer outside of India and China, we remain firmly resolved to support the continuation of these dynamics. To that end, we will continue to operate with urgency, adaptability, and the conviction to act decisively in the pursuit of long-term value. All of which will position GrafTech to capitalize on the structural trends that are set to shape the future of our industry and to deliver long-term shareholder value.

作為印度與中國以外唯一的純石墨電極生產商，我們仍堅定支持這些動態的延續。為此，我們將持續以緊迫感、適應力與果斷行動的信念來營運，以追求長期價值。這些都將使 GrafTech 能夠把握將塑造本產業未來的結構性趨勢，並為股東帶來長期價值。

To that end, I want to sincerely thank our entire team around the world for the remarkable efforts, resilience, and commitment during this pivotal time. That concludes our prepared remarks, and we'll now open up the call for questions.

同樣地，我要由衷感謝我們全球團隊在這個關鍵時刻所展現的卓越努力、韌性與承諾。以上為我們的準備發言，接下來我們將開放提問。

(Operator Instructions) Bennett Moore, JPMorgan.

(接線員指示) Bennett Moore，摩根大通。

Thank you for taking my questions. I wanted to start on the cost inflation side. I think all your EU energy needs are covered for this year, but if you could confirm that, and then maybe if you could help frame what sort of inflation you're seeing from decant oil, and has this started to put upward pressure on needle coke? If not, when do you think we could start to see that flow through?

謝謝讓我提問。我想先從成本通膨談起。我認為你們今年在歐盟的能源需求都已涵蓋，但想請你們確認一下；另外也請協助說明你們在 decant oil（沉降油）方面看到的通膨幅度，以及這是否已開始對針狀焦造成上行壓力？若尚未，你們認為何時可能開始反映出來？

Yeah. Thanks, Bennett. So on the EU energy costs, you're right. We have fixed price contracts going through the end of the year. That's a good thing for us. We're happy to have that in place. Moving on to the decant oil question. Just to dimensionalize it, and I think we've talked about this before, decant oil as a percentage of our total production cost is around 25% of it.

是的。謝謝，Bennett。關於歐盟能源成本，你說得沒錯。我們有固定價格合約一路到年底。這對我們是好事。我們很高興能有這樣的安排。接著談沉降油的問題。為了量化說明，而且我想我們之前也談過，沉降油占我們總生產成本的比例約為 25%。

The pricing that we realize on decant oil is not necessarily directly correlated to just the Brent curve. We price off of other index as well, such as the DLS or HSFO and the like. There's also premiums and discounts applied based on quality and such. So it's dangerous to correlate exactly the forward curve on Brent to our cost of decant oil or needle coke.

我們在沉降油上實現的價格，不一定與布蘭特（Brent）曲線直接相關。我們也會參考其他指數來定價，例如 DLS 或 HSFO 等。此外，還會依品質等因素加計溢價或折價。因此，將布蘭特遠期曲線與我們的沉降油或針狀焦成本做精確對應連結，是有風險的。

But I will tell you, I'm very happy to say that we've taken a good look at the futures markets. We've looked at analyst consensus, and we've built that into our cost forecast, which as you saw in our release this morning, we're maintaining our cost guidance for a low-single-digit improvement over 2025. So luckily or not luckily, but very prudently, we've managed working capital, which has given us a little bit of a cushion to tolerate some of these headwinds on the decant oil market if those assumptions come true.

但我可以告訴你，我很高興地說，我們已仔細檢視期貨市場。我們也參考分析師共識，並將其納入成本預測；正如你今天早上在我們的新聞稿中所看到的，我們維持成本指引，預期相較 2025 年可有低個位數的改善。因此，不論幸運與否，但我們以非常審慎的方式管理營運資金，這讓我們在沉降油市場若那些假設成真時，能有一些緩衝來承受這些逆風。

Again, our supplier diversification and the timing of our purchases is important to managing that cost, we'll continue to do that. A reminder from our year-end call, we're in the middle of planned major maintenance at our Seadrift facility, so a lot of our oil purchases were brought forward in the first quarter in anticipation of that, we can exit the turnaround at Seadrift with enough inventory of decant oil to produce.

再次強調，我們的供應商多元化以及採購時點，對管理該成本很重要，我們會持續這麼做。回顧我們年終法說，我們正處於 Seadrift 廠區計畫性大型維修的期間，因此我們在第一季已提前採購了不少油品以因應；我們可以在 Seadrift 停工檢修結束後，仍保有足夠的沉降油庫存以進行生產。

So that's another factor to consider. We have headwinds, as does everyone else. It's dangerous to index right off of the Brent curve if you're looking forward, but we've incorporated all this into our guidance, and we're happy to maintain that previous cost reduction guidance.

所以這是另一個需要考量的因素。我們面臨逆風，其他人也一樣。如果你是往前看，直接依照布蘭特（Brent）曲線來做指數化是有風險的，但我們已把這些都納入我們的指引之中，並且我們很樂意維持先前的成本削減指引。

Bennett, maybe I'll chime in on the needle coke market as a whole. You know, I think the oil markets certainly have moved up, and while we source from different things and have a number of constructs that help us keep our pricing in check I think it is a bit of a proxy for what some of the other decant oil producers globally are experiencing and other needle coke producers are experiencing globally. I think that combination of higher oil prices at this point in time, as well as just the overall supply disruption, right?

Bennett，也許我來補充一下整體針狀焦市場。你知道，我認為油市確實已經走高；雖然我們的採購來源多元，且有多種機制幫助我們把定價控制在合理範圍內，但我認為這在某種程度上可作為全球其他減壓油（decant oil）生產商，以及其他針狀焦生產商所面臨情況的代理指標。我認為在目前這個時間點，較高的油價再加上整體供應中斷，對吧？

A number of the needle coke producers source their oil out of the Middle East, the Chinese and some of the Japanese producers. And so that disruption is going to have an impact on the market as well. I would expect as we get into the second half of the year, you'll see a marked increase in needle coke prices on the merchant side, which again, being vertically integrated for us helps us out. And would expect that market to tighten up quite a bit.

不少針狀焦生產商的原料油來自中東，包括中國以及部分日本的生產商。因此，這種中斷也會對市場造成影響。我預期進入下半年後，你會看到商業市場（merchant side）的針狀焦價格明顯上升；而我們是垂直整合，這點再次對我們有利。也預期市場會明顯趨緊。

Thus far, we haven't seen huge moves. I think we've seen about a $175 or $200 increase in the Chinese market for needle coke. I think that's largely a reflection of people fulfilling already committed tons here early on. Would certainly expect that market to move quite a bit in the back half of the year.

到目前為止，我們還沒有看到非常大的波動。我認為我們在中國針狀焦市場看到大約175到200美元的漲幅。我想這主要反映了大家在年初履行既有承諾的噸數。我確實預期下半年市場會有相當大的變動。

Great. Thanks for that. And then coming to pricing, it's great to hear that momentum's moving in the right direction following the recent hikes. I know you don't want to probably get into the detail of quarterly guidance on pricing, do you think 1Q could be a trough for the year? When might we start to see it inflect at least directionally higher within your results?

很好。謝謝你的說明。接著談到定價，很高興聽到在近期調漲之後，動能正朝正確方向前進。我知道你可能不想談到按季度的定價指引細節，你認為第一季可能會是今年的谷底嗎？我們大概何時能在你們的業績中看到至少方向上開始向上拐點？

Yeah. Thanks, Bennett. I'll give you directional commentary, won't get into specific levels, but I think we're pleased with where the price increase adoption is at this point in time, right? We're now a little bite more than a month out since we made the announcement of $600 to $1,200 across various regions. And we're seeing success in that in all the regions that we sell into.

是的。謝謝，Bennett。我可以給你方向性的評論，不會談到具體水準，但我認為我們對目前價格上調的採納情況感到滿意，對吧？自從我們宣布在不同地區調漲600到1,200美元以來，現在已經過了一個多月。我們在所有銷售地區都看到這項調漲推進得很成功。

I will tell you that right now that there's limited volumes that will actually be delivered in the second quarter, and that's just the phasing of when we made the announcement, when our negotiations took place. So probably 90% of the volume that will be impacted by the price increase will happen in the second half of the year. So, wouldn't expect to have a big change in ASP in the second quarter, but would really see that start to materialize in the third and fourth quarter. But again, pleased with where that's at this point in time.

我可以告訴你的是，目前第二季實際會交付的量是有限的，這只是因為我們宣布的時間點以及談判進程的分期所致。因此，大概有90%會受到這次漲價影響的出貨量將發生在下半年。所以，不會預期第二季的平均售價（ASP）會有很大的變化，但會在第三、第四季開始真正反映出來。不過，再次強調，我們對目前進展感到滿意。

Great. Thank you for all the color. I'll get back in the queue.

很好。謝謝你提供這麼多細節。我回到隊列後面。

Arun Viswanathan, RBC Capital Markets.

RBC資本市場的Arun Viswanathan。

Thanks for taking my question. You guys are well. A few questions. I think I heard you say that your cash cost should be in a $3,600 to $3,700 range. And so if I think about your average price in Q1, which was $3,900 maybe I take the midpoint of what you've announced, $900, so that would get you to $4,800. Is that the right way to think about maybe Q3, Q4 potential pricing? And then given that -- and would you be at that cash cost level?

謝謝讓我提問。希望你們一切都好。幾個問題。我想我聽到你說你們的現金成本應該在3,600到3,700美元的區間。所以如果我想你們第一季的平均價格大概是3,900美元，然後我取你們已宣布調漲幅度的中位數900美元，那就會到4,800美元。這樣理解第三、第四季的潛在定價是對的嗎？另外在那樣的情況下——你們會是在那個現金成本水準嗎？

So maybe you could see kind of a $1,000 per EBITDA per ton range, or maybe you can kind of just help us frame what the path to profitability is or and what that looks like, and maybe a timeline, maybe Q3 or Q4.

所以也許你可以看到每噸EBITDA大約1,000美元的區間，或者你能否幫我們框架一下獲利能力改善的路徑是什麼、會長什麼樣子，以及可能的時間點，例如第三季或第四季。

Thanks, Arun. Let me try to add some clarity to that. I think it's a fair proxy to take the midpoint of the range because again, that range is over all of the regions and the jurisdictions that we sell. But let me remind you, when we made the announcement of the price increase, we were approximately 80% committed, right? So the 20% of the sales we have to go would be influenced or impacted by that price increase. And again, we're pleased with where those negotiations are and the uptake we're seeing from customers at those price levels.

謝謝，Arun。我試著把這點講得更清楚。我認為用區間中位數作為代理指標是合理的，因為那個區間涵蓋了我們銷售的所有地區與司法管轄區。但提醒你一下，當我們宣布漲價時，我們大約已經有80%是已承諾（committed）的，對吧？所以剩下還要談的20%銷售量才會受到這次漲價的影響。同樣地，我們對目前談判進展以及客戶在這些價格水準上的接受度感到滿意。

But you can't just apply it to all the tons. You can only apply it to the incremental tons. But what's really important about this is how it sets up the third quarter and the fourth quarter negotiations and the momentum. I mean, this is the first time we've seen in a number of years, quarters, any sort of positive price momentum on the electrode side. And really, that's a reflection of not only just market conditions, but better demand.

但你不能把它套用到所有噸數上。你只能套用到增量噸數上。不過，真正重要的是它如何為第三季與第四季的談判與動能鋪路。我的意思是，這是我們多年來、好幾個季度以來，第一次在電極端看到任何正向的價格動能。而這其實不只是市場條件的反映，也是需求更好的反映。

We mentioned that you saw utilization rates in the US ticked up over 80% last week. I think there's concerns around supply security, just given some of the disruption in the transit markets and just overall geopolitical elements that are going on in the world, as well as the cost pressures that are front and center for everybody. So this is really about positioning for that next major round of cost or price negotiations for customers as we head into 2027. Certainly anywhere that we can push pricing here in the back half of the year, we will.

我們提到，上週美國的產能利用率已回升到80%以上。我認為大家也擔心供應安全，因為運輸市場出現一些中斷，再加上全球正在發生的整體地緣政治因素，以及所有人都首當其衝的成本壓力。所以，這主要是在為下一輪、面向2027年的客戶重大成本或價格談判做定位。當然，下半年只要有任何我們能推動價格的地方，我們都會去做。

Okay, thanks for that. If I could just ask a follow up. Obviously, there is a lot of electrode production by Japanese producers and Koreans. Also, Korea is involved and there's a fair amount of electrode, needle coke production in that region. However, we know from following what's going on on the chemical side, there's been massive disruptions and many of those facilities are down.

好的，謝謝你的說明。如果我可以再追問一下。顯然，日本與韓國的生產商有大量的電極產能。另外，韓國也參與其中，該地區也有相當多的電極與針狀焦產能。不過，我們從化工端的情況來看，已經出現大規模中斷，許多設施都停工了。

Electrodes have suffered from weak pricing for a little while, and our explanation would be oversupply in the electrode market. But has the conflict potentially -- could it result in maybe some permanent structural, a reduction of capacity especially in that region? And could that help kind of the long-term supply demand balance and pricing power that you expect in electrodes going forward?

電極一段時間以來一直面臨疲弱的價格，而我們的解釋會是電極市場供給過剩。但這場衝突是否可能——是否可能導致某種永久性的結構性變化，例如該地區的產能縮減？而這是否能改善你們對未來電極長期供需平衡與定價能力的預期？

Yeah. I mean, it's hard to say what the conflict is going to do, but I think certainly what it's going to do to long-term supply and demand balance. I mean, I think it all depends on the extent and duration of the war and the impact. But certainly as you look at oil inventories globally coming way down and the continuation of the supply disruption, I would expect that you would certainly see a marked or meaningful impact in the second half of the year in terms of not only pricing, but potentially supply for those who are struggling to get needle coke and other raw materials that are important to produce electrodes.

是的。我的意思是，很難說這場衝突會帶來什麼影響，但我認為它對長期供需平衡的影響當然值得關注。我想這一切取決於戰爭的規模與持續時間，以及其影響程度。但可以確定的是，當你看到全球原油庫存大幅下降、供應中斷持續存在時，我預期下半年你會看到相當明顯或有意義的影響，不僅在價格上，也可能在供應上——尤其是對那些難以取得針狀焦及其他生產電極所需重要原料的業者而言。

So it'll be yet to be seen what it looks like globally for the long term. But certainly, I think there'll be some disruption in the back half of the year. And again, I think that's why we like our position where we've maintained Seadrift as a meaningful part of our portfolio and the vertical integration that it provides our operations and what we can offer customers from a surety of supply perspective.

因此，從長期來看其在全球範圍內會呈現什麼樣貌，仍有待觀察。但我確實認為今年下半年會出現一些擾動。而且再次強調，我想這也是為什麼我們喜歡目前的佈局：我們將 Seadrift 維持為投資組合中一個重要的部分，以及它為我們營運帶來的垂直整合能力，並且從供應確定性的角度，強化我們能提供給客戶的價值。

Okay. And then just lastly, maybe you can comment on the -- your expected success on these price increases. Is it -- do you feel like competitors are in the same boat and are using this as an opportunity to -- are they acting rationally or is there oversupply and would they use this opportunity more as an opportunity to reclaim share? And I know you guys have been on a year -- multi-year share recovery journey. So where are you on that as well, and do you foresee any headwinds in recovering that share now with increased competitive activity or not?

好的。最後，或許你可以談談——你們對這些漲價的預期成功率。也就是說——你覺得競爭對手是否也處於同樣情況，並把這當作一個機會——他們會理性行事，還是市場供給過剩、他們會更把這當作奪回市占的機會？我也知道你們過去一年——多年的市占回升之路。所以你們目前進展到哪裡？以及在競爭活動增加的情況下，你是否預見現在在收復市占上會有任何逆風，還是不會？

Yeah. Thanks, Arun. I don't think I can comment or will comment on how other companies or competitors are thinking about their pricing strategies. What I would say is there have been tenders in the market since we've announced the price increase. And we find those tenders in all of the regions and we have won more of those tenders than we've lost at this point in time, which would suggest that customers are acknowledging either the value proposition that we're delivering or the essential nature of electrodes to their operations and are willing to pay a higher price to ensure that they get that.

是的。謝謝你，Arun。我想我無法評論、也不會評論其他公司或競爭對手如何思考他們的定價策略。我能說的是，自從我們宣布漲價以來，市場上已經出現了一些招標案。我們在各個區域都看到這些招標，而且截至目前我們贏得的招標多於輸掉的，這顯示客戶正在認可我們所提供的價值主張，或認可電極對其營運的關鍵性，並願意支付更高的價格以確保取得供應。

So if there are people out there looking at this as a volume player or share grab I think we're still having success on what we're seeing from a tender perspective. And that's what gives us the positive viewpoint and outlook as we head into the back half of the year and start negotiations again, which are a few months out. But that's probably what I'd say there. I think just for reference, right?

所以如果有人把這視為以量取勝或搶市占的玩法，我認為就我們從招標角度所看到的情況而言，我們仍然取得成功。這也是讓我們在進入下半年、並在幾個月後重新開始談判時，保持正面觀點與展望的原因。大概就是我對這點的看法。我想只是作為參考，對吧？

If we think about history here if I'm a steel producer, if we looked over the last 20 years, electrodes represent roughly 1.1% of the selling price of finished steel. Today, that sits at 0.74%. If we took where finished steel is right now, whether it's in the US or the EU, pricing should be somewhere in the neighborhood of $7,000 a ton. So there's certainly a disconnect in the market, and I think the market participants understand that and see that, and that's why we're having some success on the price increase.

如果我們回顧歷史，假設我是一家鋼鐵生產商，過去 20 年來，電極成本大約占成品鋼材售價的 1.1%。而今天這個比例是 0.74%。如果以目前成品鋼材的價格來看，不論是在美國或歐盟，價格理應大約在每噸 7,000 美元附近。因此市場顯然存在落差，我認為市場參與者也理解並看得到這點，這也是為什麼我們在漲價上取得了一些成功。

Got it. Thanks a lot.

了解。非常感謝。

Abe Landa, Bank of America.

美國銀行的 Abe Landa。

Maybe just focusing again on this Middle East conflict, potential exposure, et cetera. Just kind of breaking out more the direct and indirect exposure within the cash cost. I think you broke out decant, 25%. That's helpful, we don't have to explore that. Maybe between energy, logistics, maybe some other indirect exposure, or direct exposure. I guess all that potential exposure, what is fixed? Obviously, it sounds like energy is fixed. And what is potentially variable?

或許再聚焦一下這次中東衝突、潛在曝險等等。想更細分一下在現金成本中，直接與間接曝險的構成。我記得你把 decant（沉降油）拆出來，佔 25%。這很有幫助，我們就不再深入那部分。那在能源、物流，或其他一些間接曝險或直接曝險之間，我想問這些潛在曝險中，哪些是固定的？顯然聽起來能源是固定的。哪些可能是浮動的？

Yeah. Thanks, Abe. So I would say beyond decant oil, of course, energy, electricity, natural gas are probably the next biggest chunk. I mentioned when Bennett chimed in about the fixed price contracts we have in place for most of our consumption for the rest of the year in Europe. So not a lot of direct exposure there. As far as natural gas goes, same thing in Europe. We have the same type of strategy around that.

是的。謝謝你，Abe。我會說，除了沉降油之外，能源——電力、天然氣——大概是下一個最大的部分。我在 Bennett 補充時提到，我們在歐洲針對今年剩餘期間的大部分用量，都已簽有固定價格合約。所以那部分沒有太多直接曝險。至於天然氣，在歐洲也是同樣情況。我們也採取相同類型的策略。

But between decant oil and the electricity, that's a big, big chunk of our variable costs. So from a fixed standpoint, there's a small amount of things that are exposed to, like the disruption in that market or the market shock of some of that pricing. But we're pretty comfortable that we have operational strategies, production scheduling tactics, and things like that to take advantage of some of the rates that are available to us in other jurisdictions as far as time of consumption, extent of consumption, congestion credits, things like that.

但在沉降油與電力之間，這兩項占了我們變動成本中非常、非常大的一塊。因此從固定的角度來看，仍有少部分項目會暴露在市場擾動或某些價格的市場衝擊之下。不過我們相當有信心，已具備營運策略、排產調度手段等，能夠利用其他司法管轄區可取得的一些費率優勢，例如用電時段、用量程度、壅塞抵減（congestion credits）等。

So I would say that focusing on the energy costs and our strategies around that, as well as the comments I made earlier on our risk mitigation and our estimates around exposure to the oil markets, that covers the majority of that direct or indirect exposure to the impacts of the conflict.

所以我會說，聚焦在能源成本以及我們在這方面的策略，再加上我先前對風險緩解措施與對油市曝險估計的說明，基本上就涵蓋了這場衝突影響所帶來的大部分直接或間接曝險。

That's very helpful. And then I know decant is 25%. Do you have like a similar number for electricity, nat gas? Like kind of like those other elements?

這非常有幫助。另外我知道沉降油是 25%。那電力、天然氣有沒有類似的比例數字？就是那些其他要素大概各占多少？

Those two together are about 10%, 15%.

這兩項加起來大約是 10% 到 15%。

Very helpful. Kind of continuing on this Middle East conflict theme, I guess within the Middle East, like I mean, we've seen stories of steelmaking being disrupted in that region. I mean, are you seeing that kind of reduced demand for electrodes in that market? I know it's a pretty popular market for imports of Chinese, Indian graphite electrodes. Are you seeing disruptions within the Middle East market? And then are you seeing any potential spillover to other markets just related to the conflict?

非常有幫助。延續中東衝突這個主題，我想在中東地區內部——我們看到一些報導說該地區的煉鋼活動受到干擾。你們是否看到該市場對電極的需求有所下降？我知道那裡是中國、印度石墨電極進口相當熱門的市場。你們是否看到中東市場內部的干擾？另外，是否看到任何因衝突而外溢到其他市場的潛在影響？

Yeah. I think certainly steel production in that region as well as the accessibility of that region, most of the product that we would sell into the Middle East would go via vessels. The availability of vessels, and the cost and the access to that is pretty limited right now. So from our perspective we're not moving a lot of volume into the Middle East right now. It's not a big market for us, relative to the US, the European market, as well as Japan, Korea, and Taiwan. Yeah, so not a lot of volume going into that region and certainly seeing a disruption.

是的。我認為該地區的鋼鐵生產，以及進入該地區的可達性，確實受到影響；我們銷往中東的大部分產品都需要透過船運。目前船舶的可用性，以及其成本與取得管道都相當有限。因此就我們而言，現在並沒有把很多量運往中東。相較於美國、歐洲市場，以及日本、韓國與台灣，中東對我們來說不是一個很大的市場。所以目前進入該地區的量不多，且確實看到干擾。

And maybe that presents some opportunity, when and if the conflict gets resolved and there's some inventory rebuild that needs to take place. In terms of spillover into other regions, no, I think there's probably been some modest opportunities in Europe for volumes that were otherwise coming out of the Asian market that either because of extended transit times or just supply disruptions as a whole, maybe we've been able to pick up some spot volumes in Europe as a result of that.

而且這或許也帶來一些機會：當衝突在某個時間點獲得解決、需要進行庫存回補時。至於外溢到其他地區的影響，我認為沒有；不過在歐洲可能出現了一些溫和的機會——原本會從亞洲市場供應的量，因為運輸時間拉長或整體供應中斷，我們或許因此在歐洲承接到一些現貨量。

Kirk Ludtke, Imperial Capital, LLC.

Imperial Capital, LLC 的 Kirk Ludtke。

Tim, Rory, Mike, thanks for the call. Just a couple follow ups. With respect to the -- you provided a rule of thumb pricing to liquidity. I think it was $100 a metric ton to $12 million of liquidity. What would be -- is there a -- can you put that in terms of EBITDA instead of liquidity?

Tim、Rory、Mike，謝謝這通電話。我有幾個追問。關於——你們提供了一個價格對流動性的經驗法則。我記得是每公噸 100 美元對應 1,200 萬美元的流動性。那如果——是否可以把它用 EBITDA 來表達，而不是用流動性？

Yeah. I consider that the EBITDA impact. It would flow through. So if you're talking -- with our volume growth that we've guided to, it puts you kind of in that [115, 120] range for the year. So that's where the $12 million comes from. $100 times [120] is $12 million of EBITDA.

可以。我把那個視為對 EBITDA 的影響。它會直接反映在 EBITDA 上。所以如果你在談——以我們所指引的銷量成長來看，全年大概會落在 [115, 120] 這個區間。因此 1,200 萬美元就是這樣來的：100 美元乘以 [120]，就是 1,200 萬美元的 EBITDA。

Okay. Great. Thank you. And then you mentioned, some steel makers are shortening supply lines. Can you maybe elaborate on that? Is that in anticipation of higher pricing due to some of these trade actions or is that actually concerns about the ability to deliver?

好的。很好。謝謝。然後你提到，有些鋼鐵製造商正在縮短供應鏈。你能否再詳細說明一下？這是因為預期某些貿易措施會導致價格上漲，還是其實是擔心交付能力？

Yeah. I think there's a few things going on in the market. First and foremost, transit times, again, have extended by a couple weeks out of Asia into Europe. And that's providing some opportunity. I think the uncertainty of the market as a whole have maybe started to have some steel makers thinking more regionally and trying to buy closer and managing less complex or less involved supply chains. I think both of those are having an impact. But I also think we're seeing a little bit of maybe a wait and see game from some steel producers trying to defer purchases.

是的。我認為市場上有幾件事正在發生。首先也是最重要的，從亞洲到歐洲的運輸時間又延長了幾週。這帶來了一些機會。我認為整體市場的不確定性，可能已開始讓一些鋼鐵製造商更偏向區域化思考，並嘗試就近採購、管理較不複雜或較少介入的供應鏈。我認為這兩者都在產生影響。但我也認為，我們看到一些鋼鐵生產商在採取觀望策略，試圖延後採購。

So they're consuming down some of their inventory, thinking that they'll have an opportunity to buy in a more favorable market condition later in the year, which again, I think becomes a bit of a dangerous game just given the lead time that's needed to build electrodes and some of the demand we're seeing in other regions. So overall, I think market conditions, we're seeing some demand pick up, and pretty pleased with where we're sitting right now.

所以他們正在消耗部分庫存，認為今年稍晚會有機會在更有利的市場條件下採購；但考量到製造電極所需的交期，以及我們在其他地區看到的部分需求，我認為這其實是一個相當危險的策略。總體而言，我認為在市場條件方面，我們看到一些需求回升，對於我們目前所處的位置也相當滿意。

Great. Thank you. And then lastly, the trade action in front of the ITC seems to be moving in the right direction. Can you maybe talk about the potential timing of that and if you think it'll come in time for the 2027 price negotiations?

很好。謝謝。最後，ITC 目前的貿易行動似乎正朝正確方向推進。你能否談談可能的時程，以及你是否認為它會趕得上 2027 年的價格談判？

Yeah. So the -- that large diameter, so again, it covers imports into the US against the Chinese and the Indians of anything greater than 425 millimeters or 16.5 inches. It's through the initial ITC. It's on to Commerce. Commerce will do their investigation. We would expect that the countervailing duties ruling could be implied or applied no later than the end of July. And then as we look at the anti-dumping, which is certainly the larger of the two, would come in mid-September.

是的。所以——那個大直徑產品，再次說明，它涵蓋的是進口到美國、針對中國與印度、任何直徑大於 425 毫米或 16.5 英吋的產品。目前已通過 ITC 的初步階段。接下來交由商務部（Commerce）。商務部將進行調查。我們預期反補貼稅（countervailing duties）的裁定最晚會在 7 月底前作出或開始適用。至於反傾銷（anti-dumping），這當然是兩者中影響較大的一項，預計會在 9 月中旬出爐。

And both of those would be in advance of kind of the bulk of the negotiations that'll take place in the back half of the year and certainly will have an impact on those negotiations. And just for reference, I think the preliminary margin impact or ask on those was 74% against Indian imports and then 147% against Chinese imports.

而這兩項都會在今年下半年大部分談判展開之前出爐，並且肯定會對那些談判產生影響。供參考，我認為初步的稅率幅度影響或訴求是：針對印度進口為 74%，針對中國進口為 147%。

Got it. And those two are, what, 20% of the US market?

了解。而這兩者合計大概是美國市場的 20%？

Roughly, yeah.

大約是，對。

Awesome. I appreciate it. Thank you.

太好了。感謝。謝謝。

Bennett Moore, JP Morgan.

JP Morgan 的 Bennett Moore。

Thanks for taking my follow up. I wanted to stick with the theme of the trade policy here, and guess I'm wondering kind of the scenarios you think could play out for negotiations later this year, assuming success on the trade case. Do you view this more as like a market share gain opportunity from the India imports or really more of a price action opportunity? And then maybe if you could also just touch on opportunities in other markets. I think you guys have initiated something down in Brazil, but what about Mexico and elsewhere?

謝謝讓我追問。我想延續貿易政策這個主題，我在想，假設貿易案件成功，你們認為今年稍晚的談判可能會出現哪些情境？你們是把這視為從印度進口中取得市占的機會，還是更像是一個價格調整的機會？另外也請你談談其他市場的機會。我想你們在巴西那邊已經啟動了一些動作，那墨西哥和其他地區呢？

Yeah. Thanks. And I think let's start in the US. Certainly, it's both a volume opportunity because I think it does impact the desire and the willingness to import those tons. But more importantly, it's a price impact for the broader US market, which certainly is supportive and I think is just another thing that's changing the momentum and the trajectory of the market as we sit here today. I think we've long advocated, whether it's the US or any of the jurisdictions that we have operations in for fair trade and supporting the operations that we have.

是的。謝謝。我想先從美國談起。當然，這兩者都有：在量的方面是個機會，因為我認為它確實會影響進口那些噸數的意願與意圖。但更重要的是，它對更廣泛的美國市場有價格影響，這無疑是正面的支撐；我認為這也是另一個正在改變我們此刻所見市場動能與走勢的因素。我們長期以來一直主張，無論是在美國或我們有營運的任何司法管轄區，都應推動公平貿易並支持我們的營運。

So I think there's actions going on in Brazil that I think are taking shape, that we'll see some output here on later this year. And yeah, I continue to advocate for fair trade across the board, as well as supporting the ECGA's efforts in terms of the campaign they have going on right now about supporting the domestic graphite industry in Europe, as well as supporting the broader steel initiatives in Europe.

所以我認為巴西那邊正在進行一些行動，且正在成形，我們今年稍晚會看到一些結果。是的，我也持續主張全面推動公平貿易，同時支持 ECGA 目前正在進行的倡議活動，也就是支持歐洲本土石墨產業，以及支持歐洲更廣泛的鋼鐵相關倡議。

One thing that's probably worth spending a second on, is what's going on in the broader critical minerals front. So we're taking action on the trade front in the US because that's closest to where we're at right now.

有一點可能值得花點時間談一下，就是更廣泛的關鍵礦物（critical minerals）領域正在發生的事情。因此我們在美國採取貿易面的行動，因為那是目前離我們最近、最直接的戰場。

But certainly as the US continues to develop and partners with the EU and the other trading block countries around critical minerals and thinking about how they kind of decouple or break the ties to China in particular, I think that could have a significant impact on the way people think about graphite electrode pricing and anode material pricing, again, both which are supportive to our business both as we think about the electrodes as well as the value of the needle coke operation we have down in Seadrift.

但當然，隨著美國持續推進並與歐盟及其他貿易集團國家在關鍵礦物方面合作，並思考如何與中國、特別是中國，進行某種程度的脫鉤或切斷連結，我認為這可能會對人們看待石墨電極定價與負極材料定價的方式產生重大影響；而這兩者都對我們的業務有利，無論是從電極本身，或是我們在 Seadrift 的針狀焦（needle coke）業務價值來看。

That's an area that we're spending a lot of time as well on, ensuring that people understand the essential nature of electrodes and the role that electrodes play in the steel production process and how that translates into economic security and national security. The same on the anode side, right? The only way you can start a new supply chain in this environment is to have some sort of price support. So I think as we look out it seems to make a lot of sense from an overall governmental policy perspective to have a broader trade protection beyond even what's going on with the ITC.

這也是我們投入大量時間的領域，確保大家理解電極的關鍵性，以及電極在鋼鐵生產流程中扮演的角色，並了解這如何轉化為經濟安全與國家安全。負極材料端也是一樣，對吧？在這樣的環境下，要啟動一條新的供應鏈，唯一的方法就是要有某種形式的價格支持。因此我認為，從整體政府政策角度來看，除了 ITC 正在進行的事項之外，採取更廣泛的貿易保護似乎非常合理。

Thank you. That concludes our Q&A session. I will now turn the conference back over to Timothy Flanagan, CEO, for closing remarks.

謝謝。問答環節到此結束。我現在把會議交回給執行長 Timothy Flanagan 作結語。

Thank you, JL. I'd like to thank everyone on this call for your interest in GrafTech, and we look forward to speaking with you next quarter. Have a great day.

謝謝你，JL。我要感謝所有參與本次電話會議的人對 GrafTech 的關注，我們期待在下個季度再與各位交流。祝各位有美好的一天。

That concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。