Q3 2020 Results November 3, 2020

NYSE: EAFwww.graftech.com

Forward-looking Statements

NOTE ON FORWARD-LOOKING STATEMENTS: This presentation and related discussions may contain forward-looking statements that reflect our current views with respect to, among other things,future events and financial performance. You can identify these forward-looking statements by the use of forward-looking words such as “will,” “may,” “plan,” “estimate,” “project,” “believe,” “anticipate,”“expect,” “intend,” “should,” “would,” “could,” “target,” “goal,” “continue to,” “positioned to,” "are confident", "remain solid", "remain positive", "remain optimistic" or the negative versions of those words orother comparable words. Any forward-looking statements contained in this presentation are based upon our historical performance and on our current plans, estimates and expectations in light ofinformation currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by us that the future plans, estimates or expectations contemplated by uswill be achieved. Our expectations and targets are not predictions of actual performance and historically our performance has deviated, often significantly, from our expectations and targets. Theseforward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity.Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to:the ultimate impact that the COVID-19 pandemic has on our business, results of operations, financial condition and cash flows; the cyclical nature of our business and the selling prices of our products maylead to periods of reduced profitability and net losses in the future; the possibility that we may be unable to implement our business strategies, including our ability to secure and maintain longer-termcustomer contracts, in an effective manner; the risks and uncertainties associated with litigation, arbitration, and like disputes, including the recently filed stockholder litigation and disputes related tocontractual commitments; the possibility that global graphite electrode overcapacity may adversely affect graphite electrode prices; pricing for graphite electrodes has historically been cyclical and the priceof graphite electrodes may continue to decline in the future; the sensitivity of our business and operating results to economic conditions and the possibility others may not be able to fulfill their obligations tous in a timely fashion or at all; our dependence on the global steel industry generally and the electric arc furnace ("EAF") steel industry in particular; the competitiveness of the graphite electrode industry;our dependence on the supply of petroleum needle coke; our dependence on supplies of raw materials (in addition to petroleum needle coke) and energy; the possibility that our manufacturing operationsare subject to hazards; changes in, or more stringent enforcement of, health, safety and environmental regulations applicable to our manufacturing operations and facilities; the legal, compliance,economic, social and political risks associated with our substantial operations in multiple countries; the possibility that fluctuation of foreign currency exchange rates could materially harm our financialresults; the possibility that our results of operations could deteriorate if our manufacturing operations were substantially disrupted for an extended period, including as a result of equipment failure, climatechange, regulatory issues, natural disasters, public health crises, such as the COVID-19 pandemic, political crises or other catastrophic events; our dependence on third parties for certain construction,maintenance, engineering, transportation, warehousing and logistics services; the possibility that we are unable to recruit or retain key management and plant operating personnel or successfully negotiatewith the representatives of our employees, including labor unions; the possibility that we may divest or acquire businesses, which could require significant management attention or disrupt our business; thesensitivity of goodwill on our balance sheet to changes in the market; the possibility that we are subject to information technology systems failures, cybersecurity attacks, network disruptions and breachesof data security; our dependence on protecting our intellectual property; the possibility that third parties may claim that our products or processes infringe their intellectual property rights; the possibility thatsignificant changes in our jurisdictional earnings mix or in the tax laws of those jurisdictions could adversely affect our business; the possibility that our indebtedness could limit our financial and operatingactivities or that our cash flows may not be sufficient to service our indebtedness; the possibility that restrictive covenants in our financing agreements could restrict or limit our operations; the fact thatborrowings under certain of our existing financing agreements subject us to interest rate risk; the possibility of a lowering or withdrawal of the ratings assigned to our debt; the possibility that disruptions inthe capital and credit markets could adversely affect our results of operations, cash flows and financial condition, or those of our customers and suppliers; the possibility that highly concentrated ownershipof our common stock may prevent minority stockholders from influencing significant corporate decisions; the possibility that we may not pay cash dividends on our common stock in the future; the fact thatcertain of our stockholders have the right to engage or invest in the same or similar businesses as us; the possibility that the market price of our common stock could be negatively affected by sales ofsubstantial amounts of our common stock in the public markets, including by Brookfield Asset Management Inc. and its affiliates; the fact that certain provisions of our Amended and Restated Certificate ofIncorporation and our Amended and Restated By-Laws could hinder, delay or prevent a change of control; the fact that the Court of Chancery of the State of Delaware will be the exclusive forum forsubstantially all disputes between us and our stockholders; and our status as a "controlled company" within the meaning of the New York Stock Exchange (“NYSE”) corporate governance standards, whichallows us to qualify for exemptions from certain corporate governance requirements.

These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements, including the Risk Factors sections that are included in our most recent AnnualReport on Form 10-K, our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2020 and June 30, 2020, and other filings with the SEC. The forward-looking statements made in thispresentation relate only to events as of the date on which the statements are made. We do not undertake any obligation to publicly update or review any forward-looking statement, except as required bylaw, whether as a result of new information, future developments or otherwise.

2

Building Safe and Efficient Operations

3

Total Recordable Injury Rates1

1 Total recordable injury rates measured per 200,000 hours worked.

1.74

1.491.63

1.55

0.95

0.57

2015 2016 2017 2018 2019 Q3 YTD 2020

- 40%

Proactive Focus on COVID-19

4

Taking Actions to Keep Employees Safe

Senior Executive COVID-19 Response Team meets three times per week

Use of “check-sheets” to ensure highest priority and focus on safe COVID-19 practices

Employing “Safe-work Playbook”

Comprehensive document outlining exact protocols for safe operations in COVID-19 environment

Adapting as necessary to ensure employee and customer safety

Plants running safely, efficiently and successfully serving our customers

Operations team focused on safety, controls, education and communication

Focus on exceeding customer expectations

Maintained strong 98% on-time delivery performance in Q3

First Annual Sustainability Report

Launched Inaugural Sustainability Report in September

Advancing our ESG efforts

Tracking and monitoring our ESG data

Producing report annually

Available at www.GrafTech.com

EAF Steelmaking Advantages

75% less carbon emissions

Among the world’s largest recycling industries

5

http://www.graftech.com/

Industry Conditions

6

Q3 saw steel industry demand trends improving

Global steel production at ~187 million tons in Q3, excluding China1; up 12% sequentially vs. Q2

Global steel manufacturing utilization rates (ex-China) improved to just over 60% in Q32, from ~57% in Q2

Steel prices have been increasing globally; optimistic that current trends suggest continued market improvement

Customer inventories of graphite electrodes remain elevated and destocking continues

Generally, spot prices for graphite electrodes trended lower in Q3

1Source: World Steel Association, October 23, 20202Source: World Steel Association and Metal Expert

7

While customers have been notably impacted by the current environment, conditions are improving

Developing mutually beneficial solutions with customers struggling to take committed volumes

Substantial progress in completing several “blend and extend” contract modifications

Provides customers with near-term relief in exchange for additional volume commitments in future years

Will continue to work to ensure contractual commitments are fulfilled

We estimate approximate LTA sales volumes and revenues:

Commercial Outlook

2020 2021 2022 2023 through 2024

Estimated LTA volume(thousands of MT’s) above midpoint

100-115 98-108 95-105 35-45

Estimated LTA revenue(millions of $’s)

$1,000-$1,080 $925-$1025 $910-$1,010 $350-$450(1)

(1) Includes expected termination fees from a few customers that have failed to meet certain obligations under their LTAs.

Production and Sales

8

Sales Volumes (000 MT) Net Sales ($M)Production (000 MT)

Aligned production levels with sales volumes

Sales volumes down due to graphite electrode inventory overhang and COVID-related lower steel production levels

136

98

YTD/19 YTD/20

40

33

Q3/19 Q3/20

130

98

YTD/19 YTD/20

$421

$287

Q3/19 Q3/20

$1,376

$886

YTD/19 YTD/20

40

32

Q3/19 Q3/20

Earnings and Cash Flow

91Non-GAAP measure, see page 14 for reconciliation. 2Non-GAAP measure, see page 15 for reconciliation.

Earnings Per Share Adjusted EBITDA ($M)1 Free Cash Flow ($M)2

Continuing to deliver solid results in a challenging environment

Majority of Adjusted EBITDA1 converts to Free Cash Flow2

$0.61

$0.35

Q3/19 Q3/20

$1.96

$1.15

YTD/19 YTD/20

$245$153

Q3/19 Q3/20

$814

$483

YTD/19 YTD/20

$211

$123

Q3/19 Q3/20

$541

$386

YTD/19 YTD/20

Maintaining Financial Discipline

10

Liquidity ($M) Debt Maturity Profile ($M)

$159

$247 RevolverAvailability

Cash Balance

$406

0 0 0 40 113

1,439

2020 2021 2022 2023 2024 2025

Prioritizing Balance Sheet Strength and Financial Flexibility

Continued emphasis on reducing debt, lower by ~$150 million in Q3, ~$60 million in October and ~$313 million YTD

Expect full year 2020 capital expenditures of ~$35 million, a ~50% decrease y/y

Managing working capital and controlling costs, aligned workforce with demand – down >15% y/y at electrode plants

Majority of free cash flow in 2020 used for debt reduction

Liquidity of $406 million as of September 30, 2020 and no near-term debt maturities

GrafTech – An Industry Leading Producer of Graphite Electrodes

11

Graphite electrodes are a highly engineered, mission critical industrial consumable for electric arc furnace steel production, that constitute only 1-5% of customer COGS

• EAF steelmaking long-term growth rate of ~3%(1), low capital and cost structure and flexible to operate

Sharp focus on providing services and solutions for electric arc furnace steel producers

Sustainable competitive advantage from our low coststructure:

• Substantial vertical integration into petroleum needle coke

• Efficient operation of three of the largest graphite electrode manufacturing facilities in the world

Consistent cash flow generation and commitment to strong balance sheet

(1) Source: World Steel Association

Disclosures

12

Disclosures

Non-GAAP Financial Measures

13

Investors are encouraged to read the information contained in this presentation in conjunction with the following information, the Forward-looking statements information on page 2 and the factors described under the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K and disclosure in the Company’s other SEC filings.

Adjusted EBITDA is a non-GAAP financial measure and 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. We define Adjusted EBITDA as EBITDA plus any pension and other post-employment benefit plan expenses, initial and follow-on public offering 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, related party Tax Receivable Agreement expense, stock-based compensation and non-cash fixed asset write-offs. We define EBITDA, a non-GAAP financial measure, as net income or loss plus interest expense, minus interest income, plus income taxes, and depreciation and amortization. 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.

Free cash flow, a non-GAAP financial measure, is a metric used by our management and our board of directors to analyze cash flows generated from operations. We define free cash flow as net cash provided by operating activities less capital expenditures. We believe free cash flow is useful to present to investors because we believe that it facilitates comparison of the Company’s performance with its competitors.

Although Adjusted EBITDA, free cash flow and similar measures are frequently used by other companies, our calculation of these measures is not necessarily comparable to such other similarly titled measures of other companies. The non-GAAP presentations of Adjusted EBITDA and free cash flow are not meant to be considered in isolation or as a substitute for analysis of our results as reported under GAAP. When evaluating our performance, you should consider these measures alongside other measures of financial performance and liquidity, including our net income (loss) and cash flow from operating activities, respectively, and other GAAP measures.

Reconciliation to Adjusted EBITDA

14

(1) Service and interest cost of our OPEB plans. Also includes a mark-to-market loss (gain) for plan assets as of December of each year. (2) Legal, accounting, printing and registration fees associated with the initial and follow-on public offering and related expenses.(3) Non-cash gains and 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.(4) Non-cash expense for stock-based compensation grants.(5) Non-cash fixed asset write-off recorded for obsolete assets.(6) Non-cash expense for future payment to our sole pre-IPO stockholder for tax assets that are expected to be utilized.

(in thousands) 2020 2019 2020 2019

Net income $ 94,234 $ 175,876 $ 309,278 $ 569,680 Add:Depreciation and amortization 16,241 15,357 45,074 46,387 Interest expense 22,474 31,803 69,026 98,472 Interest income (93) (1,765) (1,582) (2,910)Income taxes 18,104 20,755 61,838 90,940 EBITDA from continuing operations $ 150,960 $ 242,026 $ 483,634 $ 802,569 Adjustments:Pension and OPEB plan expenses (1) 583 800 1,666 2,397 Initial and follow-on public offering expenses (2) - 160 4 1,409 Non-cash loss on foreign currency remeasurement (3) 798 (185) (441) 842 Stock-based compensation (4) 764 706 1,891 1,568 Non-cash fixed asset write-off (5) - 1,947 - 4,888 Related party Tax Receivable Agreement adjustment (6) - - (3,346) - Adjusted EBITDA from continuing operations $ 153,105 $ 245,454 $ 483,408 $ 813,673

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

% EAF

2018 Crude Steel Production2017 EAF as a % of Crude Steel Production

North America12067%7%

ROW25048%14%

Asia (ex-China)34142%19%

European Union16842%9%

China92812%51%

World1,80729%

EAF as a % of Total Steel Production

North America67%

North America67%

North America67%

North America67%

North America67%

North America67%

North America67%

ROW48%

ROW48%

ROW48%

ROW48%

ROW48%

ROW48%

ROW48%

ROW48%

ROW48%

ROW48%

ROW48%

ROW48%

ROW48%

ROW48%

Asia (ex-China)42%

Asia (ex-China)42%

Asia (ex-China)42%

Asia (ex-China)42%

Asia (ex-China)42%

Asia (ex-China)42%

Asia (ex-China)42%

Asia (ex-China)42%

Asia (ex-China)42%

Asia (ex-China)42%

Asia (ex-China)42%

Asia (ex-China)42%

Asia (ex-China)42%

Asia (ex-China)42%

Asia (ex-China)42%

Asia (ex-China)42%

Asia (ex-China)42%

Asia (ex-China)42%

Asia (ex-China)42%

European Union42%

European Union42%

European Union42%

European Union42%

European Union42%

European Union42%

European Union42%

European Union42%

European Union42%

European Union42%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

China12%

EAF as a % of Total Steel Production

North AmericaNorth AmericaNorth AmericaNorth AmericaNorth AmericaNorth AmericaNorth AmericaROWROWROWROWROWROWROWROWROWROWROWROWROWROWAsia (ex-China)Asia (ex-China)Asia (ex-China)Asia (ex-China)Asia (ex-China)Asia (ex-China)Asia (ex-China)Asia (ex-China)Asia (ex-China)Asia (ex-China)Asia (ex-China)Asia (ex-China)Asia (ex-China)Asia (ex-China)Asia (ex-China)Asia (ex-China)Asia (ex-China)Asia (ex-China)Asia (ex-China)European UnionEuropean UnionEuropean UnionEuropean UnionEuropean UnionEuropean UnionEuropean UnionEuropean UnionEuropean UnionEuropean UnionChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChinaChina0.670.670.670.670.670.670.670.477987220447284420.477987220447284420.477987220447284420.477987220447284420.477987220447284420.477987220447284420.477987220447284420.477987220447284420.477987220447284420.477987220447284420.477987220447284420.477987220447284420.477987220447284420.477987220447284420.421227565982404630.421227565982404630.421227565982404630.421227565982404630.421227565982404630.421227565982404630.421227565982404630.421227565982404630.421227565982404630.421227565982404630.421227565982404630.421227565982404630.421227565982404630.421227565982404630.421227565982404630.421227565982404630.421227565982404630.421227565982404630.421227565982404630.414999999999999980.414999999999999980.414999999999999980.414999999999999980.414999999999999980.414999999999999980.414999999999999980.414999999999999980.414999999999999980.414999999999999980.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.116000000000000010.11600000000000001

TRIR

20151.74

20161.49

20171.63

20181.51

20190.95

Q1 20200.54

Q2 20200.42

Q3 20200.57

* As of 12/31/19

-0.2222222222

-0.40000

20152016201720182019Q1 2020Q2 2020Q3 20201.741.491.631.510.950.540.420.56999999999999995

4 growth (2)

FY 2017FY 2018FY201917-18 Ch18-19 Ch

Sales volumes1721858%

Production1661798%

Capacity1671802028%12%

99%99%95%

111.5

22.3

Sales volumes

FY 2017FY 2018172185

FY 2017FY 2018

Production

FY 2017FY 2018166179

Capacity

FY 2017FY 2018FY2019167180202

FY 2017FY 2018FY2019ProductionFY 2017FY 2018FY2019166179CapacityFY 2017FY 2018FY2019167180202Sales volumesFY 2017FY 2018FY2019172185FY 2017FY 2018FY2019

4 growth

2017 Capacity*Debottlenecking projects2019 Forecast Capacity*

167167202

35

2017 Capacity*Debottlenecking projects2019 Forecast Capacity*000

2017 Capacity*Debottlenecking projects2019 Forecast Capacity*167000167000202000

2017 Capacity*Debottlenecking projects2019 Forecast Capacity*35000

5 LTA

2018A2019A2020E2021E2022E2023E2018E2019E2020E2021E2022E2023E

Expected new take-or-pay agreements1418282722

Current three-year agreements (to be negotiated)19.519.5

Estimated take-or-pay shipments (000 MT)1331451301251170Current take-or-pay agreements 132138135118113

Weighted Average Realized Price$ 10,100$ 9,900$ 9,600$ 9,700$ 9,700

9730.9477756286

9665.0537634409

Q4/18 Earnings SlidesAugust Prospectus p 115IncrementalPerfomance obligation

Bandy, Meredith: Bandy, Meredith:see note 2, page 10

$/MTMM MT$/MTMM MT$/MTMM MTBack calc test

2018$10,100133$10,061132

2019$9,800148$9,729138$10,780101,462,362

Bandy, Meredith: Bandy, Meredith:remaining 9 mos plus Q1A

Bandy, Meredith: Bandy, Meredith:see note 2, page 10$ 9,881

2020$9,600145$9,424135$11,976101,392,966$ 9,607

2021$9,700128$9,475118$12,355101,237,952$ 9,672

92022$9,700120$9,618113$11,02471,172,028$ 9,767

2023$12,0002$12,0002.429,461$ 12,275

Total$9,787676$9,666636$11,60139

Total Revenue (US$B)$ 6.6$ 6.1$ 0.457

Remaining revenue (US$B)$ 5.3$ 4.8$ 0.457

% LTA67%2019-22

% LTA73%2019

Estimated take-or-pay shipments (000 MT)

2018A2019A2020E2021E2022E132.67500000000001145130125117Weighted Average Realized Price

2018A2019A2020E2021E2022E101009900960097009700

Current take-or-pay agreements 2018E2019E2020E2021E2022E132138135118113Current three-year agreements (to be negotiated)2018E2019E2020E2021E2022E19.519.5Expected new take-or-pay agreements2018E2019E2020E2021E2022E14.4317.85000000000000127.8526.55

Estimated take-or-pay shipments (000 MT)

2020E2021E2022E130125117Weighted Average Realized Price

2020E2021E2022E960097009700

key stats

Q3/19Q3/20YTD/19YTD/20Q % ChYTD % ChQ3/19Q2/19

Production403213698(20%)(28%)40(20%)48

Sales volumes403313098(18%)(25%)40(18%)45

price$9,960$9,283$9,977$9,421(7%)(6%)$9,960(7%)$1

sales $421$287$1,376$886(32%)(36%)$421(32%)$480

EPS$0.61$0.35$1.96$1.15(43%)(41%)$0.61(43%)$0.68

Adj. EBITDA$245$153$814$483(38%)(41%)$245(38%)$284

OCF226129359417226(43%)202

capex-15-6-44-31-15(57%)-15

FCF$211$123$541$386(42%)(29%)$211(42%)$187

Sales VolumesWeighted Avg Real. PriceNet SalesProduction

EPSAdj EBITDAFCF

Q1/18Q2/18Q3/18Q4/18FY 2018Q1/19QoQYoYQ1/20QoQYoYQ3/19QoQYoYQ4/19QoQYoYFY 2019YoY

Sales volumes4345455318546-13%7%34-26%-24%-1-100%ERROR:#DIV/0!-100%-100%

price10,1249,9339,7449,9509,937$9,803-1%-3%9,030-8%-9%-100%-100%ERROR:#DIV/0!-100%-100%

sales 4524564555331,896$463-13%2%319-31%-30%-100%-100%ERROR:#DIV/0!-100%-100%

EPS$0.74$0.67$0.67$0.79$2.87$0.70-11%-5%$0.45-36%-33%-100%-100%ERROR:#DIV/0!-100%-100%

Adj. EBITDA3102922773261,205$269-17%-13%179-33%-39%-100%-100%ERROR:#DIV/0!-100%-100%

OCF141237235224837146-35%4%139-5%-41%-100%-100%ERROR:#DIV/0!-100%-100%

capex141519216815-27%7%-14-193%-195%-100%-100%ERROR:#DIV/0!-100%-100%

FCF127222216204768$131-36%4%$125-5%-44%-100%-100%ERROR:#DIV/0!-100%-100%

Sales volumesQ3/19Q3/204033

EPSYTD/19YTD/201.961.1499999999999999

Adj. EBITDAYTD/19YTD/20813.673483.40699999999998

FCFYTD/19YTD/20541385.976

Q3/19Q3/19Q3/200ProductionQ3/19Q3/204032

ProductionYTD/19YTD/2013698

priceQ3/19Q3/2099609283

sales Q3/19Q3/20420.79700000000003286.98700000000002

EPSQ3/19Q3/200.610.35

Adj. EBITDAQ3/19Q3/20245.45400000000001153.10400000000001

FCFQ3/19Q3/20210.89499999999998122.67600000000002

Sales volumesYTD/19YTD/2013098

priceYTD/19YTD/2099779421

sales YTD/19YTD/201376.181886.351

ebitda waterfall

Net IncomeD&ANet interestIncome taxesNet adjustments*Adj. EBITDA from Cont'g Operations

175.87615.35730.03820.7753.428245.474

175.876191.233221.271242.046

Net IncomeD&ANet interestIncome taxesNet adjustments*Adj. EBITDA from Cont'g Operations175.876191.233221.27100000000002242.04600000000002

Net IncomeD&ANet interestIncome taxesNet adjustments*Adj. EBITDA from Cont'g Operations175.87615.35699999999999930.03820.7749999999999993.4279999999999999245.47400000000002

vertical integration

200est capacity - 202 rounded

0.95yield

190coke needs

17anode

173needle coke needed

127Seadrift production no outage

116.4166666667Seadrift production w/ outage

121.7083333333average Seadrift produciton

70%Seadrift

industry

Global Industrial Production

1181256%

Source: IPECPRWO Index

As of 10/31/18

Chinese Steel Exports

2015201620172018H1/19 Annualized

112405108990756306955068800

Source:CNXVSPRM Index

data thru 12/31/18

Steel Production Growth

2018A2019F2020F

World ex-China2.2%1.7%2.8%

China8.2%6.0%0.0%

Source:World Steel Association Short Range Outlook October 2018

% EAF

North America

Asia (ex-China)

EU

China

All other

World

Source: World Steel in Figures, June 2019

EAF Growth

2015201620172018

404415472520

Source: World Steel Association Steel Statistical Yearbook 2018 and Short Range Outlook October 2018 w/mgmt est

118

125

World ex-China

2018A2019F2020F2.1999999999999999E-21.7000000000000001E-22.8000000000000001E-2

112405

108990

World ex-China

2015201620172018404415472520.44479999999999

Chinese Steel Exports

2015201620172018H1/19 Annualized112405108990756306955068800

EV

Sourcehttps://www.iea.org/gevo2018/

20172018201920202021202220232024202520262027202820292030

Passenger Light Duty Vehicles - Battery Electric VehiclePLDVs-BEV1.92.73.95.57.49.411.714.317.220.223.827.932.838.5

Passenger Light Duty Vehicles - Plug-in Hybrid Electric VehiclePLDVs-PHEV02.645.48.612.216.321.227.133.240.649.860.974.6

Total Vehicles - new policieesTotal1.95.37.910.91621.62835.544.353.464.477.793.7113.1

Total Vehicles - new policiees10.944.3

14.847.8

10.637.4

1.44.6

1.24.6

0.10.7

28.195.1

Total Vehicles - 30@3019.569.7

15.257.0

201720182019202020212022202320242025

EV Stock3.1

Bandy, Meredith: Bandy, Meredith:actual st5.18.916.023.732.041.050.761.3

EV Delivery1.12.03.87.17.78.39.09.710.6

86%

Bandy, Meredith: Bandy, Meredith:goal seek to make 2020 stock = average of new policies and 30@30 estimates86%86%8%8%8%8%8%

424.4880542789633.1013814708

ASUMPTIONS

kg/vehicle40

% synthetic0.5

yield0.5

Estimated NC needs44,000

Bandy, Meredith: Bandy, Meredith:previous estimate ~60kt assuming 75% synthetic81,826152,172282,992

Bandy, Meredith: Bandy, Meredith:matches Didier's estimate 250-300kt

Bandy, Meredith: Bandy, Meredith:actual st306,546332,061359,699389,637422,068

Source: ICC News (email from Lisa Chen to Meredith Bandy dated 2/18/19 9:44pm)PREVIOUS

2016201720182019E2020E

Installed capacity of consumer batteryGWh21.122.923.624.325.0

% growth9%3%3%3%

Power battery (EV)GWh28.043.560.586.5124.6

% growth56%39%43%44%

Energy storage lithium batteryGWh12.213.113.814.515.2

% growth7%5%5%5%

Total installed capacity of lithium batteryGWh61.379.597.9125.3164.8

% growth30%23%28%32%

Needle coke demand from anode materialsMT140,000218,000279,000354,300

% growth56%28%27%

Needle coke demand from Power batteriesMT76,636134,750192,628267,821

% growth76%43%39%

Total2017201820192020202120222023202420251.95.30000000000000077.910.91621.62835.544.3Passenger Light Duty Vehicles - Battery Electric Vehicle2017201820192020202120222023202420251.92.73.95.57.49.411.714.317.2Passenger Light Duty Vehicles - Plug-in Hybrid Electric Vehicle20172018201920202021202220232024202502.645.48.612.216.321.227.1

Needle coke demand from anode materialsMT

201720182019E2020E140000218000279000354300Needle coke demand from anode materials% growth201720182019E2020E0.557142857142857160.279816513761467880.26989247311827946

Needle coke demand from Power batteriesMT

201720182019E2020E76635.655016343982134749.8723317332192628.01276935355267821.38609054498Needle coke demand from Power batteries% growth201720182019E2020E0.758318269779194590.429522784965119530.39035533949688572

https://www.iea.org/gevo2018/

US EAF

550000000.001793500

170000000.001728900

17000000000122400

0.3090909091

Source: Bank of America Merrill Lynch, "Investing in Advance of Steelmageddon" datated Mary 18, 2019

0.350.35Q2/182017A U.S. EAF production from WSA56Source: SSY 2018

0.10.125Q2/182018E Capacity additions3

0.750.75H2/182018Announced Additions2022E

0.240.24Q4/1876

Bandy, Meredith: Bandy, Meredith:wood mac14

Bandy, Meredith: Bandy, Meredith:BAML9019%

1.53Q4/1876

2.944.465

11Q4/19

0.350.35H2/20

0.160.16H2/20

1.651.65H2/20

11H1/20

0.350.35H1/20

1.61.6H2/20

33H2/21

1.41.42021

1.21.22022

0.530.532021

0.912022

1.653.3?

1517

2018Announced Additions2022E 76

2018Announced Additions2022E 7614.21119477456227890.211194774562273

ebitda rec

For the Three Months Ended September 30,For the Three Months Ended September 30,For the Nine Months Ended September 30,For the Six Months Ended June 30,

(in thousands)201820202019202020192019

Net income199,466$ 94,234$ 175,876$ 309,278$ 569,680227,636

Add:- 0

Depreciation and amortization16,05016,24115,35745,07446,38745,958

Interest expense33,85522,47431,80369,02698,47259,697

Interest income(562)(93)(1,765)(1,582)(2,910)90

Income taxes24,87118,10420,75561,83890,94059,187

EBITDA from continuing operations273,680$ 150,960$ 242,026$ 483,634$ 802,569392,568

Adjustments:

Pension and OPEB plan expenses (1)4835838001,6662,3971,449

Initial and follow-on public offering expenses (2)1,404- 016041,409(156)

Non-cash loss on foreign currency remeasurement (3)476798(185)(441)842542

Stock-based compensation (4)—7647061,8911,5681,949

Non-cash fixed asset write-off (5)—- 01,947- 04,888(1,947)

Related party Tax Receivable Agreement adjustment (6)276,043--(3,346)-394,405

Adjusted EBITDA from continuing operations$ 153,105$ 245,454$ 483,408$ 813,673

uses of cash

Post IPO Free Cash FlowCash Uses Since IPOQ2Q3/18Q4/18Q1/19Q2/19Q3/19

FCF114033%OCF237.122234.569224.359156.817202.206225.749

Debt Repayment18116%

Quarterly Dividends143Capex-14.71-18.897-20.589-14.569-14.630-14.854

Share Repurchases235FCF222.412215.672203.77142.248$188$211

Special Dividends20358151%

Cash Retained378Debt repayment28.12528.247125153.247

Special Dividends203.38203.38

TTM Free Cash FlowTTM Cash UsesShare repurchases2259.59.5

FCF74438%Quarterly Dividends19.64324.69524.69624.69624.69624.69698.784

Debt repayment15321%

Quarterly Dividends99

Share Repurchases10

Special Dividends20331242%

Cash retained280

Special DividendsRegular DividendsShare RepurchasesDebt RepaymentTotal Cash UsesFree Cash Flow

203.3898.7849.5153.247279.578

203.38302.164311.664464.911464.911744.489

311.6640.4186280791

0.2058418593

FCF

Post IPO Free Cash FlowCash Uses Since IPO1140.3147200000001Debt Repayment

Post IPO Free Cash FlowCash Uses Since IPO181.37200000000001Quarterly Dividends

Post IPO Free Cash FlowCash Uses Since IPO143.12200000000001Share Repurchases

Post IPO Free Cash FlowCash Uses Since IPO234.5Special Dividends

Post IPO Free Cash FlowCash Uses Since IPO203.38000000000002Cash RetainedPost IPO Free Cash FlowCash Uses Since IPO377.94072000000006

FCF

TTM Free Cash FlowTTM Cash Uses744.48900000000003Special Dividends

TTM Free Cash FlowTTM Cash Uses203.38000000000002Share Repurchases

TTM Free Cash FlowTTM Cash Uses9.5Quarterly Dividends

TTM Free Cash FlowTTM Cash Uses98.784000000000006Debt repayment

TTM Free Cash FlowTTM Cash Uses153.24700000000001Cash retainedTTM Free Cash FlowTTM Cash Uses279.57799999999997

Special DividendsRegular DividendsShare RepurchasesDebt RepaymentTotal Cash UsesFree Cash Flow203.38000000000002302.16400000000004311.66400000000004464.91100000000006464.91100000000006744.48900000000003

Special DividendsRegular DividendsShare RepurchasesDebt RepaymentTotal Cash UsesFree Cash Flow203.3800000000000298.7840000000000069.5153.24700000000001279.57799999999997

fcf rec

For the Three MonthsFor the Nine MonthsFor the Three MonthsFor the Nine Months For the Three Months EndedPro Forma for the Three Months EndedFor the Three Months EndedEstimated Post IPO

Ended September 30,Ended September 30,Ended September 30,Ended September 30,June 30,Adjustment*June 30,September 30,December 31,April 19 to December 31,

(in thousands)2020201920202019(in thousands)2020201920202019(in thousands)20182018201820182018

Net cash provided by operating activities $ 129,009$ 225,749$ 416,665$ 584,772Net cash provided by operating activities 202,206225,749220,544129,009Net cash provided by operating activities 237,122(49,509)187,613234,569224,359646,541

Capital expenditures(6,333)(14,854)(30,688)(44,053)Capital expenditures(14,630)(14,854)(20,050)(13,901)Capital expenditures(14,710)3,071(11,639)(18,897)(20,589)(51,125)

Free cash flow$ 122,676$ 210,895$ 385,977$ 540,719Free cash flow187,576210,895200,494115,108Free cash flow222,412(46,438)175,974215,672203,770595,416

0.2087912088

Q4/18Q1/19Q2/19Q3/19TTM 2019Uses of Cash

1882112001150

188398599

Q1/19Q2/19Q3/19Q4/19FY 2019Uses of Cash

142188211200741

014233054135047%

26149%

99

Q4/18Q1/19Q2/19Q3/19TTM 2019187.57599999999999398.471598.96500000000003

Q4/18Q1/19Q2/19Q3/19TTM 2019187.57599999999999210.89500000000001200.494115.1080

99

Q1/19Q2/19Q3/19Q4/19FY 2019Uses of Cash261

Q1/19Q2/19Q3/19Q4/19FY 2019Uses of Cash0142330541350

Q1/19Q2/19Q3/19Q4/19FY 2019Uses of Cash142188211200741

Q4/18Q1/19Q2/19Q3/19TTM 2019187.57599999999999398.471598.96500000000003

Q4/18Q1/19Q2/19Q3/19TTM 2019187.57599999999999210.89500000000001200.494115.1080

leverage

Total debt1,813

Adjusted EBITDA1,050

1.7

Q&A

Cost per ton

ESTIMATEExternalInternal

LTA70%9800COS179

Spot30%9300DA15

Total100%$9,650Other revenue24

Estimated cash cost graftech manu sales ($M)139

graftech manu sales (MT)0.041

Estimated cash cost graftech manu sales ($/MT)$3,397

using Seadrift2600

using 3rd party5600

% Seadrift0.75

$3,350

RevenueQ4/19

FY199mo19Q4/19TonsPrice

LTA$1,437,354$1,107,742$329,61233$9,900

Bandy, Meredith: Bandy, Meredith:given in slides

STA$260,979$191,249$69,7308$9,049

Other$92,459$77,190$15,2690

Total$1,790,792$1,376,181$414,61141$9,740Note: actual $9,724 due to rounding of sales tonnage

LTA % of revenue80%80%79%

LTA % of volumes 81%

0.1613043757

Q2/19Q4/18

Current Assets881.339638.051-243.288

Current Liabilities260.093327.12767.034

621.246310.924

debt levels

431906/30/2018433734346543555436464373812/31/2019

Brookfield264264229229229229229199-25%

Public Float383861616161607186%

Shares outstanding302302291291291291290270-11%

Q2/18Q4/19

STD52,394106,378106,325106,32315,49243,46270,861(561)

LTD1,421,2642,103,6282,077,0032,050,3112,017,7161,991,3451,965,5011,813,384

Total Debt1,473,6582,210,0062,183,3282,156,6342,033,2082,034,8072,036,3621,812,823-18%

Brookfield

6/30/2018433734346543555436464373812/31/2019264128398229440087229440087229440087229440087229440087199240087Public Float

6/30/2018433734346543555436464373812/31/201938097525610975256109752561097525610975256019752571000000Shares outstanding

6/30/2018433734346543555436464373812/31/2019302225923290537612290537612290537612290537612289637612270240087

Shares outstanding

6/30/201812/31/2019302225923270240087Brookfield

6/30/201812/31/2019264128398199240087Public Float

6/30/201812/31/20193809752571000000

Total Debt

Q2/18Q4/1922100061812823STDQ2/18Q4/19106378-561LTDQ2/18Q4/1921036281813384

Reconciliation to Free Cash Flow

15

For the Three Months For the Nine MonthsEnded September 30, Ended September 30,

(in thousands) 2020 2019 2020 2019

Net cash provided by operating activities $ 129,009 $ 225,749 $ 416,665 $ 584,772 Capital expenditures (6,333) (14,854) (30,688) (44,053)Free cash flow $ 122,676 $ 210,895 $ 385,977 $ 540,719

Q3 2020 Results Forward-looking StatementsBuilding Safe and Efficient OperationsProactive Focus on COVID-19First Annual Sustainability Report Industry ConditionsSlide Number 7Production and SalesEarnings and Cash FlowMaintaining Financial DisciplineGrafTech – An Industry Leading Producer of Graphite ElectrodesSlide Number 12Non-GAAP Financial MeasuresReconciliation to Adjusted EBITDAReconciliation to Free Cash Flow