Slide 1: 2024 Fourth Quarter Financial Results
2024 Fourth Quarter Financial Results March 12, 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: 2024 Fourth Quarter and Full Year Results
Tredegar Corporation 2024 Fourth Quarter and Full Year Results (in millions, except per share data) 4Q 2024 4Q 2023 2024 2023 Net Sales1 $148.9 $130.9 $577.0 $551.6 Net Income from Ongoing Operations2 $2.0 $1.1 $17.2 $(2.0) Diluted EPS from Ongoing Operations2 $0.06 $0.03 $0.50 $(0.07) 1 See Note 1
Slide 4: Aluminum Extrusions (Bonnell Aluminum)
Aluminum Extrusions (Bonnell Aluminum) 2024 Fourth Quarter and Full Year Results Fourth Quarter Performance Full Year Performance (in millions) 4Q 24 4Q 23 (in millions) 2024 2023 Volume (lbs.) 35.8 32.9 9% Volume (lbs.) 139.2 138.5 1% Net Sales1 $122.5 $110.2 11% Net Sales1 $471.8 $474.8 (1)% Ongoi
Slide 5: Aluminum Extrusions: Sales Volume by End-Use Market and Section 232 Tariffs
Aluminum Extrusions (Bonnell Aluminum) Sales Volume by End-Use Market and Section 232 Tariffs Three Months Three Months Ended Favorable/ Ended Favorable/ Year Ended Favorable/ December 31, (Unfavorable) September 30, (Unfavorable) December 31, (Unfavorable) (In millions of lbs) 2024 2023 % Change 20
Slide 6: Aluminum Extrusions: Open Orders and ABI Index
Aluminum Extrusions (Bonnell Aluminum) Open Orders and ABI Index • Open orders at the end of the fourth quarter of 2024 were 17 million pounds (versus 16 million pounds at the end of the third quarter of 2024 and 14 million pounds at the end of the fourth quarter of 2023). This level is below the qu
Slide 7: PE Films (Surface Protection, Polyethylene Overwrap Films & Films for Other Markets)
PE Films (Surface Protection, Polyethylene Overwrap Films & Films for Other Markets) 2024 Fourth Quarter and Full Year Results Fourth Quarter Performance Full Year Performance (in millions) 4Q 24 4Q 23 (in millions) 2024 2023 Volume (lbs.) 9.1 8.5 7% Volume (lbs.) 39.3 29.4 34% Net Sales1 $26.4 $20.
Slide 8: 2024 Financial Highlights
Tredegar Corporation 2024 Financial Highlights ($ in millions) Cash Flows provided by operations $25.5 Capital Expenditures $14.3 Dividends Paid1 $0.0 Net Debt2 $54.8 ABL Facility Availability (as of December 31, 2024) $43.8 1 The Company suspended its quarterly dividend (which had an annual cash ou
Slide 9: Total Debt, Financial Leverage, Debt Covenants and Other
Total Debt, Financial Leverage, Debt Covenants and Other Total debt was $61.9 million at December 31, 2024 and $126.3 million at December 31, 2023. Cash, cash equivalents and restricted cash were $7.1 million at December 31, 2024 and $13.1 million at December 31, 2023. Net debt1 (total debt in exces
Slide 10: Appendix
‘Tredegar an < ) Appendix
Slide 11: Major Product Groups, End Markets, Customers and 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 12: Tredegar Locations
Tredegar Locations CORPORATION
Slide 13: 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 14: Aluminum Extrusions: Business Profile
Aluminum Extrusions Business Profile Key Market Drivers • Strong demand for finished products, including anodized, $472 million 2024 Net Sales1 painted products and fabricated components 10% • Growing aluminum content in vehicles, driven by CAFE Electrical & (corporate average fuel economy) standard
Slide 15: Aluminum Extrusions: Key Markets
Aluminum Extrusions Key Markets - B&C/Automotive/Specialty 15
Slide 16: Automotive Aluminum Extrusion Applications
Aluminum Extrusions Automotive Aluminum Extrusion Applications Crash management systems – beams and mounting plates, crush cans Roof rails Electrical battery trays Air conditioner tube connectors 16 Aluminum Overview Film Products Financials Extrusions
Slide 17: Aluminum Extrusions: Annual Historical Financials
Aluminum Extrusions Annual Historical Financials Net Sales1 ($ in millions) 2 EBITDA from Ongoing Ops ($ in millions) 638 $80 67 $600 539 55 56 456 475 472 38 41 $40 $300 $0 $0 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Volume (lbs. in millions) Capital Expenditures ($ in millions) 300 $30 24
Slide 18: PE Films: Business Profile
PE Films Business Profile Key Growth Drivers $105 million 2024 Net Sales1 • “Internet of Things” leading to greater connectivity and more displays and semiconductors 28% Overwrap • Thinner devices with increasing resolution and larger Packaging screen size • Demographic and workplace trends shifting
Slide 19: End-Use Markets for Surface Protection Products
PE Films End-Use Markets for Surface Protection Products 19
Slide 20: Surface Protection Overview
PE Films Surface Protection Overview Typical LCD Optical Stack (examples: TVs, Smartphones) 20
Slide 21: PE Films: Annual Historical Financials
PE Films Annual Historical Financials Net Sales1 ($ in millions) EBITDA from Ongoing Ops ($ in millions) $200 45 139 $40 $150 30 119 28 98 105 $100 77 $20 12 11 $50 $0 $0 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Volume (lbs. in millions) Capital Expenditures ($ in millions) 45 $10 39 39 40
Slide 22: Capital Expenditures – History & Projections
Tredegar Corporation Capital Expenditures – History & Projections ($ 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 3 Corporate 0.2 (0.1) 1.7 0.0 0.0 0 Total continuing $16.5 $21.9 $28.7 $22.1 $11.9 $20 opera
Slide 23: Quarterly Cash Dividend
Tredegar Corporation Quarterly Cash Dividend ($) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 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. 23
Slide 24: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations
Slide 25: 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 26: 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 27: 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 28: 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) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Net income (loss) from continuing operations as reported unde
Slide 29: 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 : December 31, (In millions) 2024 202
Slide 30: 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