Tredegar Corporation · NYSE:TG
Tredegar — Q4 2025 Earnings Presentation
34 slides from Tredegar's earnings presentation, 2026
Slide 1: 2025 Fourth Quarter Financial Results
2025 Fourth 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: 2025 Fourth Quarter and Full Year Results
Tredegar Corporation 2025 Fourth Quarter and Full Year Results (in millions, except per share data) 4Q 2025 4Q 2024 2025 2024 Net Sales1 $178.2 $148.9 $698.7 $577.0 Net Income from Ongoing Operations2 $11.0 $2.0 $25.7 $17.2 Diluted EPS from Ongoing Operations2 $0.32 $0.06 $0.74 $0.50 • Earnings befo
Slide 4: 2025 Fourth Quarter and Full Year Results
Tredegar Corporation 2025 Fourth Quarter and Full Year Results “We closed the year with a strong fourth quarter EBITDA performance for Bonnell Aluminum and solid cash flow generation for High Performance Films. Bonnell delivered higher sales volumes and improved EBITDA versus the same quarter of 202
Slide 5: Aluminum Extrusions (Bonnell Aluminum)
Aluminum Extrusions (Bonnell Aluminum) 2025 Fourth Quarter and Full Year Results Fourth Quarter Performance Full Year Performance (in millions) 4Q 25 4Q 24 (in millions) 2025 2024 Volume (lbs.) 37.2 35.8 4% Volume (lbs.) 157.1 139.2 13% Net Sales1,2 $154.5 $122.5 26% Net Sales1,2 $599.0 $471.8 27% O
Slide 6: Aluminum Extrusions (Bonnell Aluminum)
Aluminum Extrusions (Bonnell Aluminum) 2025 Fourth Quarter and Full Year Results EBITDA from ongoing operations in the fourth quarter of 2025 increased $6.0 million versus the fourth quarter of 2024, primarily due to: • A $13.3 million increase in contribution margin (net sales less variable costs)
Slide 7: Aluminum Extrusions: 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 Twelve Months Ended Favorable/ Ended Favorable/ Ended Favorable/ Dec 31, (Unfavorable) Sept 30, (Unfavorable) Dec 31, (Unfavorable) (in millions of lbs) 2025 2024 % Change 2025 % Change
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 2025 Fourth Quarter and Full Year Results Fourth Quarter Performance Full Year Performance (in millions) 4Q 25 4Q 24 (in millions) 2025 2024 Volume (lbs.) 9.2 9.1 1% Volume (lbs.) 38.3 39.3 (3)% Net Sales1,2 $23.7 $26.4 (10)% Net Sales1,2 $99.8 $105.2 (5)% Ongoing Operations:
Slide 10: Capital Expenditures – History & Projections
Tredegar Corporation Capital Expenditures – History & Projections 2026 2021 2022 2023 2024 2025 ($ in millions) Projection1 Aluminum Extrusions $18.9 $23.7 $20.3 $10.1 $15.4 $20 High Performance Films 3.0 3.3 1.8 1.8 1.8 3 Corporate (0.1) 1.7 — — — — Total $21.8 $28.7 $22.1 $11.9 $17.2 $23 2026 Capi
Slide 11: 2025 Financial Highlights
Tredegar Corporation 2025 Financial Highlights ($ in millions) Cash Flows provided by operations $33.0 Capital Expenditures $17.2 Dividends Paid1 $0.0 Net Debt2 $28.4 ABL Facility Availability (as of December 31, 2025) $87.0 1 The Company suspended its quarterly dividend (which had an annual cash ou
Slide 12: Total Debt, Financial Leverage and Debt Covenants
Tredegar Corporation Total Debt, Financial Leverage and Debt Covenants Total debt was $35.1 million at December 31, 2025 and $61.9 million at December 31, 2024. Cash and cash equivalents were $6.7 million at December 31, 2025 and $7.1 million at December 31, 2024. Net debt (total debt in excess of c
Slide 13: Appendix
Tredegar an. > \ Me eee Appendix
Slide 14: Major Product Groups, End Markets, Customers: Aluminum Extrusions
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, End Markets, Customers: High Performance Films
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: Tredegar at a Glance
Tredegar at a Glance Business Strengths Aluminum Extrusions • Industry-leading position in non-residential building and construction and value-added OEM components in North American extrusions market • Market-focused manufacturing operations (including aluminum log casting capabilities) and world-cl
Slide 17: Manufacturing Locations
Manufacturing Locations Tredegar High Performance Films and Bonnell Aluminum 17
Slide 18: Aluminum Extrusions Business Profile
Aluminum Extrusions Business Profile Key Market Drivers $599 million Net Sales1 • Strong demand for finished products, including anodized, painted products and fabricated components Electrical & other 9% • Growing aluminum content in vehicles, driven by CAFE (corporate average fuel economy) standard
Slide 19: Aluminum Extrusions Key Markets
Aluminum Extrusions Key Markets – Building & Construction/Automotive/Specialty Building & Construction Automotive Specialty (Data Containment) Specialty (Solar Frame) Specialty segment includes electrical, consumer durables, TSLOTS, distribution, and machinery & equipment. 19
Slide 20: Aluminum Extrusions Annual Historical Financials
Aluminum Extrusions Annual Historical Financials Net Sales1 ($ in millions) EBITDA from Ongoing Ops ($ in millions) 750 75 67 638 599 56 539 51 500 475 472 50 38 41 250 25 — — 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Volume (lbs. in millions) Capital Expenditures ($ in millions) 200 183 30
Slide 21: High Performance Films Business Profile
High Performance Films Business Profile Key Growth Drivers $100 million Net Sales1 • “Internet of Things” leading to greater connectivity and more displays and semiconductors Advanced packaging, • Thinner devices with increasing resolution and larger screen size 28% • Demographic and workplace trend
Slide 22: Consumer Electronics End-Use Markets for Surface Protection Films
High Performance Films Consumer Electronics End-Use Markets for Surface Protection Films Television & large display Mobile devices E-readers & tablets Automotive display Flexible solar 22
Slide 23: Surface Protection Overview
High Performance Films Surface Protection Overview Typical LCD Optical Stack (examples: TVs, Smartphones) 23
Slide 24: High Performance Films Annual Historical Financials
High Performance Films Annual Historical Financials Net Sales1 ($ in millions) EBITDA from Ongoing Ops ($ in millions) 150 40 119 30 105 100 30 28 27 98 100 77 20 12 11 50 10 — — 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Volume (lbs. in millions) Capital Expenditures ($ in millions) 60 4 3 3
Slide 25: Tredegar Annual Historical Financials
Tredegar Corporation Annual Historical Financials Net Sales1 ($ in millions) Consolidated EBITDA from Ongoing Ops2 ($ in millions) 1,000 75 57 59 735 699 750 658 50 51 577 50 552 500 30 25 250 — — 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Earnings Per Share from Ongoing Ops3 Capital Expendit
Slide 26: Quarterly Cash Dividend
Tredegar Corporation Quarterly Cash Dividend ($) Tredegar suspended its quarterly dividend on 8/3/2023. A special dividend of $5.97 per share was paid in 2020 and $0.75 per share was paid in 2012. 26
Slide 27: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations
Slide 28: Tredegar Corporation
Tredegar Corporation GAAP to Non-GAAP Reconciliations In the fourth quarter of 2025, the Company renamed the segment formerly known as “PE Films.” This segment will be referred to as “High Performance Films” going forward. The product previously known as polyethylene overwrap films was renamed to ad
Slide 29: Tredegar Corporation
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 30: Tredegar Corporation
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 31: Tredegar Corporation
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) 2021 2022 2023 2024 2025 Net income (loss) from continuing opera
Slide 32: Tredegar Corporation
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) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net income (loss) from co
Slide 33: 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: December 31, Dec
Slide 34: EBIT from Ongoing Operations
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