Tredegar Corporation · NYSE:TG
Tredegar — Shareholder Meeting (2025)
36 slides from Tredegar's shareholder meeting presentation, 2025
Slide 1: 2025 Annual Meeting
2025 ANNUAL MEETING
Slide 2: Annual Meeting Business Report
Annual Meeting Business Report Greg Pratt Chairman of the Board of Directors
Slide 3: Agenda
2025 Annual Meeting Agenda • Annual Meeting Business Report Greg Pratt, Chairman of the Board of Directors • Introduction and Highlights John Steitz, President and Chief Executive Officer • Tredegar Financial Report Drew Edwards, Executive Vice President and Chief Financial Officer • Bonnell Aluminu
Slide 4: Annual Meeting Business Report
Annual Meeting Business Report Greg Pratt Chairman of the Board of Directors
Slide 5: Introduction and Highlights
Introduction and Highlights John Steitz President and Chief Executive Officer
Slide 6: Forward-Looking Statements & Non-GAAP Measures
2025 Annual Meeting Forward-Looking Statements & Non-GAAP Measures 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 o
Slide 7: Introduction and Highlights
2025 Annual Meeting Introduction and Highlights • On November 1, Tredegar completed significant corporate strategic initiative with the sale of Terphane • Terphane sale complemented other corporate strategic initiatives over past several years despite a challenging business environment, including: •
Slide 8: Tredegar Financial Report
Tredegar ne ) U Tredegar Financial Report Drew Edwards Executive Vice President and Chief Financial Officer
Slide 9: Consolidated EBITDA & EPS from Ongoing Operations
Consolidated EBITDA & EPS from Ongoing Operations* ($ Millions Except EPS Data) Higher EBITDA and earnings in 2024 driven by the cyclical recovery and exceptional strong first half of 2024 at PE Films (EBITDA for year increased from $11.2 to $30.5 million). Another exceptional first quarter for PE F
Slide 10: End of Period Net Debt and Net Leverage Ratio Trends
End of Period Net Debt and Net Leverage Ratio Trends* ($ Millions) ** Our balance sheet is strong with a net leverage ratio of 1.1x at the end of March. Earlier this week, we refinanced our $125 million asset-based lending facility for a five-year term, which we believe will continue to provide plen
Slide 11: Summary of Expected Tariff Impact
Summary of Expected Tariff Impact Bonnell Aluminum PE Films • The new Section 232 tariffs on • To date, we have not aluminum imports have been experienced an adverse impact implemented with no country- on customer demand related to specific or product-specific potential tariff actions, but the exclu
Slide 12: Bonnell Aluminum Business Update
Bonnell Aluminum Business Update Brook Hamilton President, Bonnell Aluminum
Slide 13: Our Business: Aluminum Extrusions
OUR BUSINESS: ALUMINUM EXTRUSIONS Building & Construction, Automotive, Machinery & Equipment, Fabrication, Consumer Durables, Renewable Energy and more… 13
Slide 14: Additional Product Lines
Additional Product Lines Structural and industrial Aluminum flooring aluminum framing systems trims and transitions 14
Slide 15: Safety: Fifth year with a TRIR of 1.0 or less
Safety: Fifth year with a TRIR of 1.0 or less Total Recordable (TRIR) & Lost Time Incident Rates 9.0 8.0 7.8 7.7 7.0 7.1 6.7 6.0 5.8 5.5 5.2 5.3 5.0 4.4 4.0 3.0 2.8 2.0 2.2 2.2 2.2 2.2 1.8 1.9 1.9 1.6 1.6 1.7 1.3 1.0 1.0 1.0 1.0 1.0 1.0 0.8 0.7 0.8 0.7 0.5 0.6 0.5 0.5 0.4 0.4 0.0 0.2 0.1 0.1 0.1 0.2
Slide 16: Financial Performance
Financial Performance Volume Shipment EBITDA (million pounds) ($ million) 37.9 $14.6 37.6 $12.5 $12.9 35.8 35.4 $10.2 34.9 34.6 $9.7 $9.2 33.8 $8.0 32.9 $6.2 32.4 $5.1 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 ▪ Volu
Slide 17: New Orders & Open Orders
New Orders & Open Orders New Orders Open Orders (million pounds) (million pounds) 44.7 26.8 24.6 35.3 36.2 32.8 33.0 20.3 28.2 27.8 29.3 16.7 16.6 14.6 15.5 14.3 13.7 20.4 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 ▪
Slide 18: Customer Experience as a Strategic Advantage
Customer Experience as a Strategic Advantage ▪ B2B relationships were built primarily on product quality, competitive pricing, and personal relationships ▪ Customer expectations are continuously evolving ▪ Merely maintaining the status quo of satisfaction leaves today’s manufacturers vulnerable ▪ Bo
Slide 19: Generating Better Leads, Faster
Generating Better Leads, Faster ▪ New account-based marketing platform with capabilities to conduct targeted campaigns and personalized messaging ▪ Supported by a wide range of marketing channels ▪ Contains automation features to streamline marketing processes ▪ Ability to quickly adapt strategies b
Slide 20: Section 232 Tariffs on Aluminum
Section 232 Tariffs on Aluminum ▪ As of March 12, 2025, tariff rate for incoming aluminum and aluminum derivative products up from 10% to 25% ▪ No more country exemptions and product exclusions ▪ Tariffs cover aluminum derivative products both inside and outside Chapter 76 of the Harmonized Tariff S
Slide 21: Tredegar PE Films Business Update
ENABLING YOUR TECHNOLOGY THROUGH OURS Tredegar PE Films Business Update Bapi DasGupta President, Tredegar PE Films
Slide 22: PE Films Overview
PE Films Overview • PE Films is a global leader of highly specialized protection and polyethylene overwrap films that operates across the Surface Protection (“SP”) and Overwrap Films (“OWF”) segments • Surface Protections supports manufacturing of optical and other specialty substrates used in high-
Slide 23: Great Safety Culture = Great Quality
Outstanding Safety and Quality Performance Great Safety Culture = Great Quality Culture *Source: Bureau of Labor Statistics - NAICS Code: 326 Pottsville Plant > 548 Days Safe Guangzhou Plant > 1780 Days Safe www.tredegarsurfaceprotection.com 23
Slide 24: 2024 and 2025 YTD Financial Highlights
2024 and 2025 YTD Financial Highlights • Display industry rebounded in 2024 ($ Millions) PE Films EBITDA 12 • Surface Protection (SP) volume 10.1 growth was driven by restocking of 10 2.1 customer inventories and increase in 8 6.9 7.6 7.5 demand 5.9 1.5 1.3 6 2.1 4.5 1.8 4.0 • Overwrap (OWF) volume
Slide 25: Tariffs and Display Industry
Tariffs and Display Industry Potential Impact on Display Industry • Latest tariffs vary within categories and will primarily increase displays exported from China to U.S. • TVs currently have largest tariff increase (+156%) - China accounts for only 19% of TVs imported to U.S. • Some display volume
Slide 26: Display Area Forecast and Growth Drivers
Display Area Forecast and Growth Drivers (1000 SQM) 2022-2031 Display Area 350,000.0 300,000.0 250,000.0 200,000.0 150,000.0 100,000.0 50,000.0 - 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 LCD TV Desktop monitor Mobile PC Mobile phone Public display OLED TV Automobile monitor E-book Smartwatc
Slide 27: LCD Expected to Remain the Dominant Technology
LCD Expected to Remain the Dominant Technology *Source: 2022-2031: OMDIA – Display Long-Term Demand Forecast Tracker July 2024 www.tredegarsurfaceprotection.com 27
Slide 28: Quality Requirements for High Performance Displays are Increasing
Quality Requirements for High Performance Displays are Increasing ULTRAMASK and Force Field Series PEARL, PEARL PREMIUM SERIES Tredegar Surface Protection is the industry leader with products designed to meet evolving quality requirements www.tredegarsurfaceprotection.com 28
Slide 29: Pathway to Future Growth – Expand Applications
Pathway to Future Growth – Expand Applications Functional Coatings Electronic Shelf Labels E-Readers Automotive Displays Automotive Flexible Solar Films Sustainable Packaging Solutions Protective Wraps www.tredegarsurfaceprotection.com 29
Slide 30: Automotive Display Market
Automotive Display Market New Automotive Display Protection Film: Automotive Display Area accounts for 2% of total display area but is growing at ~10% CAGR Growth in Automotive Displays driven by: • Increasing demand for in-car infotainment systems • Increasing demand for connected cars • Adoption o
Slide 31: Looking Ahead
Looking Ahead • Industry is stabilizing after significant cyclical swings in the last three years • Tariff situation is fluid • Focusing on things we can control while relentlessly pursuing path to growth • Off to a good start - Q1 2025 exceeded expectations • Organization is structured for success
Slide 32: Questions
Tredegar on > \ iT Questions ee
Slide 33: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations
Slide 34: GAAP to Non-GAAP Reconciliations
2025 Annual Meeting GAAP to Non-GAAP Reconciliations 34
Slide 35: GAAP to Non-GAAP Reconciliations
2025 Annual Meeting GAAP to Non-GAAP Reconciliations 35
Slide 36: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations 36