Tredegar Corporation · NYSE:TG
Tredegar — Q1 2026 Earnings Presentation
32 slides from Tredegar's earnings presentation, 2026
Slide 1: 2026 First Quarter Financial Results
2026 First Quarter Financial Results
Slide 2: Forward-Looking Statements
Tredegar Corporation Forward-Looking Statements Certain statements contained in this presentation are forward-looking statements. Pursuant to federal securities regulations, we have set forth cautionary statements relating to those forward-looking statements in our Annual Report on Form 10-K for the
Slide 3: 2026 First Quarter Results
Tredegar Corporation 2026 First Quarter Results (in millions, except per share data) 1Q 2026 1Q 2025 Net Sales1 $181.0 $159.2 Net Income from Ongoing Operations3 $5.0 $3.6 Diluted EPS from Ongoing Operations3 $0.15 $0.10 • Delivered profitable first quarter 2026 results, with net income from continu
Slide 4: 2026 First Quarter Results
Tredegar Corporation 2026 First Quarter Results “Bonnell had a good quarter in the face of challenging market conditions, tariff-driven cost pressures, and softer net new orders after the mid-year 2025 Section 232 tariff increase. Their ability to improve under these circumstances reinforces our con
Slide 5: Aluminum Extrusions (Bonnell Aluminum)
Aluminum Extrusions (Bonnell Aluminum) 2026 First Quarter Results First Quarter Performance (in millions) 1Q 2026 1Q 2025 Volume (lbs.) 35.2 37.9 (7)% Net Sales1,2 $159.5 $133.6 19% Ongoing Operations: EBITDA $11.7 $9.2 28% Less: D&A (4.0) (4.2) EBIT3 $7.7 $5.0 55% • Net new orders in the first quar
Slide 6: Aluminum Extrusions (Bonnell Aluminum)
Aluminum Extrusions (Bonnell Aluminum) 2026 First Quarter Results EBITDA from ongoing operations in the first quarter of 2026 increased $2.5 million versus the first quarter of 2025, primarily due to: • A $2.0 million increase in contribution margin (net sales less variable costs) associated with: ◦
Slide 7: Sales Volume by End-Use Market and Net New Orders
Aluminum Extrusions (Bonnell Aluminum) Sales Volume by End-Use Market and Net New Orders Three Months Three Months Ended Favorable/ Ended Favorable/ March 31, (Unfavorable) Dec 31, (Unfavorable) (in millions of lbs) 2026 2025 % Change 2025 % Change Sales volume by end-use market: Non-residential B&C
Slide 8: Architectural Billings Index
Aluminum Extrusions (Bonnell Aluminum) Architectural Billings Index • One of the key indicators for non-residential building & construction (B&C) is the Architecture Billings Index (ABI), which leads non-residential B&C activity by 9 to 12 months. Published monthly by the American Institute of Archi
Slide 9: High Performance Films
High Performance Films 2026 First Quarter Results First Quarter Performance (in millions) 1Q 2026 1Q 2025 Volume (lbs.) 9.0 9.6 (7)% Net Sales1,2 $21.5 $25.5 (16)% Ongoing Operations: EBITDA $5.1 $7.5 (33)% Less: D&A (1.2) (1.3) EBIT3 $3.9 $6.2 (38)% EBITDA from ongoing operations in the first quart
Slide 10: Capital Expenditures – History & Projections
Tredegar Corporation Capital Expenditures – History & Projections 2026 2022 2023 2024 2025 LTM 2026 ($ in millions) Projection1 Aluminum Extrusions $23.7 $20.3 $10.1 $15.4 $17.7 $20 High Performance Films 3.3 1.8 1.8 1.8 1.7 2 Corporate 1.7 — — — — — Total $28.7 $22.1 $11.9 $17.2 $19.4 $22 2026 Capi
Slide 11: 2026 First Quarter Year-to-Date Financial Highlights
Tredegar Corporation 2026 First Quarter Year-to-Date Financial Highlights ($ in millions) Cash Flows provided by operations $2.0 Capital Expenditures $5.1 Dividends Paid1 $0.0 Net Debt2 $30.7 ABL Facility Availability (as of March 31, 2026) $76.0 1 The Company suspended its quarterly dividend (which
Slide 12: Total Debt, Financial Leverage and Debt Covenants
Tredegar Corporation Total Debt, Financial Leverage and Debt Covenants Total debt was $46.3 million at March 31, 2026 and $35.1 million at December 31, 2025. Cash and cash equivalents were $15.6 million at March 31, 2026 and $6.7 million at December 31, 2025. Net debt (total debt in excess of cash a
Slide 13: Appendix
Tredegar an. > \ Me eee Appendix
Slide 14: Major Product Groups, Primary End Markets, Customers
Major Product Groups Primary End Markets Customers Competitors Aluminum Extrusions Building and Construction: commercial windows & Glazing contractors and Hydro Extrusions North Custom designed, fabricated and doors, curtain walls, storefronts & entrances, fabricators America, Kaiser finished alumin
Slide 15: Major Product Groups, Primary End Markets, Customers
Major Product Groups Primary End Markets Customers Competitors High Performance Films Surface Protection: Single High-value components of flat panel and Major manufacturers of Toray, Sekisui, and multilayer surface flexible displays, including liquid crystal flat panel and flexible Hanjin, Ihlshin p
Slide 16: Manufacturing Locations
Manufacturing Locations Tredegar High Performance Films and Bonnell Aluminum 16
Slide 17: Aluminum Extrusions Business Profile
Aluminum Extrusions Business Profile Key Market Drivers $624.8 million LTM Net Sales1 • Strong demand for finished products, including anodized, painted products and fabricated components Electrical & other 8% • Growing aluminum content in vehicles, driven by CAFE (corporate average fuel economy) st
Slide 18: Key Markets – Building & Construction/Automotive/Specialty
Aluminum Extrusions Key Markets – Building & Construction/Automotive/Specialty Building & Construction Automotive Specialty (Data Containment) Specialty (Solar Frame) Specialty segment includes electrical, consumer durables, TSLOTS, distribution, and machinery & equipment. 18
Slide 19: Aluminum Extrusions Annual Historical Financials
Aluminum Extrusions Annual Historical Financials Net Sales1 ($ in millions) EBITDA from Ongoing Ops ($ in millions) 750 75 67 638 625 599 51 53 500 475 472 50 38 41 250 25 — — 2022 2023 2024 2025 LTM 2026 2022 2023 2024 2025 LTM 2026 Volume (lbs. in millions) Capital Expenditures ($ in millions) 200
Slide 20: High Performance Films Business Profile
High Performance Films Business Profile Key Growth Drivers $95.8 million LTM Net Sales1 • Greater connectivity leading to more and higher quality displays Advanced • Thinner devices with increasing resolution and larger screen size packaging, 30% • Demographic and workplace trends shifting to greate
Slide 21: Consumer Electronics End-Use Markets for Surface Protection Films
High Performance Films Consumer Electronics End-Use Markets for Surface Protection Films Television & large display Mobile devices E-readers & tablets Automotive display Flexible solar 21
Slide 22: Surface Protection Overview
High Performance Films Surface Protection Overview Typical LCD Optical Stack (examples: TVs, Smartphones) 22
Slide 23: High Performance Films Annual Historical Financials
High Performance Films Annual Historical Financials Net Sales1 ($ in millions) EBITDA from Ongoing Ops ($ in millions) 150 40 30 105 100 30 27 98 96 25 100 77 20 12 11 50 10 — — 2022 2023 2024 2025 LTM 2026 2022 2023 2024 2025 LTM 2026 Volume (lbs. in millions) Capital Expenditures ($ in millions) 6
Slide 24: Tredegar Annual Historical Financials
Tredegar Corporation Annual Historical Financials Net Sales1 ($ in millions) Consolidated EBITDA from Ongoing Ops2 ($ in millions) 1,000 75 57 59 59 735 699 721 750 51 577 50 552 500 30 25 250 — — 2022 2023 2024 2025 LTM 2026 2022 2023 2024 2025 LTM 2026 Earnings Per Share from Ongoing Ops3 Capital
Slide 25: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations
Slide 26: Notes: Net Sales Reconciliation
Tredegar Corporation GAAP to Non-GAAP Reconciliations Due to rounding, numbers presented throughout this presentation may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. Notes: 1. Net sales represent sales less freight. The Company uses net
Slide 27: Consolidated EBITDA from Ongoing Operations
Tredegar Corporation GAAP to Non-GAAP Reconciliations 2. Tredegar’s presentation of Consolidated EBITDA from ongoing operations is a non-GAAP financial measure that excludes the effects of gains or losses associated with plant shutdowns, asset impairments and restructurings, gains or losses from the
Slide 28: Net Income and EPS from Ongoing Operations
Tredegar Corporation GAAP to Non-GAAP Reconciliations 3. Tredegar’s presentation of net income (loss) and diluted earnings (loss) per share from ongoing operations are non-GAAP financial measures that exclude the effects of gains or losses associated with plant shutdowns, asset impairments and restr
Slide 29: Ongoing Operations Reconciliation, Twelve Month Periods
Tredegar Corporation GAAP to Non-GAAP Reconciliations A reconciliation to net income (loss) and diluted earnings (loss) per share from ongoing operations for the twelve month periods is shown below: (In millions, except per share data) 2022 2023 2024 2025 LTM 2026 Net income (loss) from continuing o
Slide 30: Ongoing Operations Reconciliation, Three Month Periods
Tredegar Corporation GAAP to Non-GAAP Reconciliations A reconciliation to net income (loss) and diluted earnings (loss) per share from ongoing operations for the three month periods is shown below: (In millions, except per share data) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net income (loss) from co
Slide 31: Net Debt Calculation
Tredegar Corporation GAAP to Non-GAAP Reconciliations 4. Net debt is a non-GAAP financial measure that is not intended to represent debt as defined by GAAP, but is utilized by management in evaluating financial leverage and equity valuation. A calculation of net debt is shown below: March 31, Decemb
Slide 32: EBIT and EBITDA from Ongoing Operations by Segment
Tredegar Corporation GAAP to Non-GAAP Reconciliations 5. Earnings before interest and taxes ("EBIT") from ongoing operations is a non-GAAP financial measure included in the reconciliation of segment financial information to consolidated results for the Company. It is not intended to represent the st