Slide 1: 2025 Third Quarter Financial Results
2025 Third Quarter Financial Results November 7, 2025
Slide 2: Forward-Looking Statements
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 year ended December
Slide 3: 2025 Third Quarter and First Nine Months Results
Tredegar Corporation 2025 Third Quarter and First Nine Months Results First nine months First nine months (in millions, except per share data) 3Q 2025 3Q 2024 2025 2024 Net Sales1 $188.4 $140.6 $520.5 $428.2 Net Income from Ongoing Operations2 $9.2 $0.2 $14.6 $15.3 Diluted EPS from Ongoing Operation
Slide 4: Aluminum Extrusions (Bonnell Aluminum)
Aluminum Extrusions (Bonnell Aluminum) 2025 Third Quarter and First Nine Months Results Third Quarter Performance First Nine Months Performance (in millions) 3Q 25 3Q 24 (in millions) 2025 2024 Volume (lbs.) 41.3 34.6 20% Volume (lbs.) 119.9 103.3 16% Net Sales1,2 $162.5 $115.7 40% Net Sales1,2 $444
Slide 5: Aluminum Extrusions: Third Quarter Financial Highlights
Aluminum Extrusions (Bonnell Aluminum) 2025 Third Quarter Financial Highlights EBITDA from ongoing operations in the third quarter of 2025 increased $10.6 million versus the third quarter of 2024, primarily due to: • A $12.7 million increase in contribution margin (net sales less variable costs) ass
Slide 6: Sales Volume by End-Use Market and Net New Orders
Aluminum Extrusions (Bonnell Aluminum) Sales Volume by End-Use Market and Net New Orders Three Months Three Months Nine Months Ended Favorable/ Ended Favorable/ Ended Favorable/ Sept 30, (Unfavorable) June 30, (Unfavorable) Sept 30, (Unfavorable) (In millions of lbs) 2025 2024 % Change 2025 % Change
Slide 7: ABI Index
Aluminum Extrusions (Bonnell Aluminum) ABI Index • One of the key indicators for non-residential building & construction (B&C) is the Architecture Billings Index (ABI), which leads non-residential B&C activity by 9 to 12 months. Published monthly by the American Institute of Architects, the ABI is a
Slide 8: PE Films: Third Quarter and First Nine Months Results
PE Films (Surface Protection, Polyethylene Overwrap Films & Films for Other Markets) 2025 Third Quarter and First Nine Months Results Third Quarter Performance First Nine Months Performance (in millions) 3Q 25 3Q 24 (in millions) 2025 2024 Volume (lbs.) 9.7 9.6 0.2% Volume (lbs.) 29.1 30.2 (4)% Net
Slide 9: 2025 First Nine Months Financial Highlights
Tredegar Corporation 2025 First Nine Months Financial Highlights ($ in millions) Cash Flows provided by operations $17.3 Capital Expenditures $9.2 Dividends Paid1 $0.0 Net Debt2 $36.2 ABL Facility Availability (as of September 30, 2025) $73.0 1 The Company suspended its quarterly dividend (which had
Slide 10: Total Debt, Financial Leverage and Debt Covenants
Total Debt, Financial Leverage and Debt Covenants Total debt was $49.5 million at September 30, 2025 and $61.9 million at December 31, 2024. Cash, cash equivalents were $13.3 million at September 30, 2025 and $7.1 million at December 31, 2024. Net debt (total debt in excess of cash & cash equivalent
Slide 11: Appendix
‘Tredegar an < ) Appendix
Slide 12: Major Product Groups, End Markets, Customers, Competitors
Major Product Groups Primary End Markets Customers Competitors Aluminum Extrusions Custom designed, fabricated Building and Construction: commercial windows Glazing contractors and Hydro Extrusions North & doors, curtain walls, storefronts & entrances, fabricators America, Kaiser and finished alumin
Slide 13: Tredegar Locations
Tredegar Locations CORPORATION
Slide 14: 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 15: Aluminum Extrusions Business Profile
Aluminum Extrusions Business Profile Key Market Drivers • Strong demand for finished products, including anodized, $567 million LTM Net Sales 1 painted products and fabricated components 14% • Growing aluminum content in vehicles, driven by CAFE Electrical & (corporate average fuel economy) standard
Slide 16: Aluminum Extrusions: Key Markets
Aluminum Extrusions Key Markets - B&C/Automotive/Specialty 15
Slide 17: Automotive Aluminum Extrusion Applications
Aluminum Extrusions Automotive Aluminum Extrusion Applications Crash management systems – beams and mounting plates, crush cans Roof rails Electrical battery trays Air conditioner tube connectors 16 Aluminum Overview Film Products Financials Extrusions
Slide 18: Aluminum Extrusions Annual Historical Financials
Aluminum Extrusions Annual Historical Financials Net Sales1 ($ in millions) 2 EBITDA from Ongoing Ops ($ in millions) 638 $80 67 $600 539 567 55 56 456 475 472 41 45 38 $40 $300 $0 $0 2020 2021 2022 2023 2024 LTM 2020 2021 2022 2023 2024 LTM Volume (lbs. in millions) Capital Expenditures ($ in milli
Slide 19: PE Films Business Profile
PE Films Business Profile Key Growth Drivers $102 million LTM Net Sales1 • “Internet of Things” leading to greater connectivity and more displays and semiconductors 27% Overwrap • Thinner devices with increasing resolution and larger Packaging screen size • Demographic and workplace trends shifting
Slide 20: End-Use Markets for Surface Protection Products
PE Films End-Use Markets for Surface Protection Products 19
Slide 21: Surface Protection Overview
PE Films Surface Protection Overview Typical LCD Optical Stack (examples: TVs, Smartphones) 20
Slide 22: PE Films Annual Historical Financials
PE Films Annual Historical Financials Net Sales1 ($ in millions) EBITDA from Ongoing Ops ($ in millions) $200 45 139 $40 $150 30 119 28 29 98 105 102 $100 77 $20 12 11 $50 $0 $0 2020 2021 2022 2023 2024 LTM 2020 2021 2022 2023 2024 LTM Volume (lbs. in millions) Capital Expenditures ($ in millions) 4
Slide 23: Tredegar Annual Historical Financials
Tredegar Corporation Annual Historical Financials 1 Consolidated EBITDA from Ongoing Ops2 Net Sales ($ in millions) ($ in millions) $150 $900 735 669 658 552 577 $100 $600 50 57 51 51 $50 30 $300 $0 $0 2021 2022 2023 2024 LTM 2021 2022 2023 2024 LTM 3 Earnings Per Share from Ongoing Ops Capital Expe
Slide 24: Capital Expenditures – History & Projections
Tredegar Corporation Capital Expenditures – History & Projections ($ in millions) 2025 2020 2021 2022 2023 2024 Projection2 Aluminum Extrusions $10.3 $18.9 $23.7 $20.3 $10.1 $17 PE Films1 6.0 3.0 3.3 1.8 1.8 2 Corporate 0.2 (0.1) 1.7 0.0 0.0 0 Total pro forma capital $16.5 $21.9 $28.7 $22.1 $11.9 $1
Slide 25: Quarterly Cash Dividend
Tredegar Corporation Quarterly Cash Dividend ($) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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. 24
Slide 26: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations
Slide 27: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations On November 1, 2024, the Company completed the sale of its flexible packaging films business (also referred to as “Terphane”) headquartered in Brazil to Oben Group. Commencing in the fourth quarter of 2024, all historical results for Terphane have been presented as d
Slide 28: GAAP to Non-GAAP Reconciliations
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 w ith plant shutdow ns, asset impairments and restructurings, gains or losses from the sale of assets, go
Slide 29: GAAP to Non-GAAP Reconciliations
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 w ith plant shutdow ns, asset impairments and restructurings, gains or
Slide 30: GAAP to Non-GAAP Reconciliations
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. (In millions, except per share data) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net income (loss) from continuing operations as reported unde
Slide 31: GAAP to Non-GAAP Reconciliations
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 show n below : September 30, December 31, (In mill
Slide 32: GAAP to Non-GAAP Reconciliations
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 stand-alone results for