2Q 2025 Quarterly Highlights and Investor Presentation

2025 Second Quarter Financial Results

August 8, 2025

1 See Note 1 in GAAP to Non-GAAP Reconciliations for more information and a reconciliation of this non-GAAP financial measure.

2 See Note 3 in GAAP to Non-GAAP Reconciliations for more information and a reconciliation of this non-GAAP financial measure.

"Bonnell sales volume improved significantly in the second quarter versus last year. However, profits declined for the period mainly due to manufacturing inefficiencies in April and May that we believe have been resolved. Operating performance has improved since then, but the average weekly net new orders after the Section 232 tariff increase from 25% to 50% declined to 2.7 million pounds for the last 9 weeks ending August 1, 2025, versus 3.4 million pounds for the first 22 weeks of 2025. We believe that the recent decline in orders, which is a measure of potential future sales volume, is due to a combination of lower demand for aluminum extrusions in the

U.S. and customers pausing orders to evaluate the permanency of the new higher tariff."

"PE Films again had another good quarter albeit below the exceptional performance in the second quarter of last year. We believe that the second half performance in 2025 will moderate from the strong first half. To date, we have not experienced an adverse impact on customer demand related to tariff actions, but the situation remains fluid."

"We believe that our balance sheet remains strong with plenty of liquidity available from our new five-year

2 $125 million asset-based lending facility."

2025 Second Quarter and First Six Months Results

Second Quarter Performance First Six Months Performance

(in millions) 2Q 25 2Q 24

(in millions) 2025 2024

• Net new orders in the second quarter of 2025 increased 21% versus the second quarter of 2024 and decreased 11% versus the first quarter of 2025. The second quarter of 2025 marked the first quarterly decline for this metric, following 10 consecutive quarterly increases.

• Open orders at the end of the second quarter of 2025 were 25 million pounds, versus 14 million pounds at the end of the second quarter of 2024 and 25 million pounds at the end of the first quarter of 2025. This level falls within the quarterly range of 21 to 27 million pounds in 2019 before pandemic-related disruptions that resulted in long lead times.

1 Net sales represents gross sales less freight. The Company uses net sales as its measure of revenues from external customers at the segment level.

3 2 See Note 1 in GAAP to Non-GAAP Reconciliations for more information and a reconciliation of this non-GAAP financial measure

2025 Second Quarter and First Six Months Results

Second Quarter Financial Highlights

EBITDA from ongoing operations in the second quarter of 2025 decreased $3.6 million versus the second quarter of 2024, primarily due to:

• A $0.7 million increase in contribution margin (net sales less variable costs) associated with:

  • Higher volume ($5.2 million), offset by higher variable manufacturing costs associated with material yield ($0.7 million unfavorable in the second quarter of 2025 versus $0.1 million unfavorable in the second quarter of 2024); higher labor rate ($0.6 million); unfavorable labor productivity associated with onboarding new employees ($0.7 million); higher expense for externally produced billet related to the increase in volume ($0.5 million); unfavorable maintenance and supply expense ($0.3 million); and higher utilities ($0.2 million).

  • The timing of the flow-through under the first-in first-out ("FIFO") method of aluminum raw materials costs, which were previously acquired in a quickly changing commodity pricing environment, causing a temporary mismatch in the change in the cost of raw materials included in variable costs and the pass through to customers included in sales, resulted in a charge of $0.7 million in the second quarter of 2025 versus a benefit of $1.2 million in the second quarter of 2024.

    • The underlying average U.S. Midwest transaction prices for aluminum (which includes tariffs and duties) and the main factor causing the flow-through timing issue for the related periods compared, were $1.49 and $1.57 per pound in May and February of 2025, and $1.36 and $1.17 per pound in May and February of 2024. The average

      U.S. Midwest transaction prices for aluminum for the second and first quarters of 2025 and second and first quarters of 2024 were $1.56, $1.52, $1.34 and $1.18 per pound, respectively.

• Higher fixed costs associated with wage increases and compensation-related costs ($0.8 million), higher maintenance and utilities expenses ($0.3 million) and added resources to support increasing volume ($0.3 million).

• Higher selling, general and administrative ("SG&A") expenses primarily associated with employee-related compensation ($0.7 million).

• Higher other expense for employee-related medical costs caused by an increase in the number of high-cost medical claims versus favorable experience in recent years ($1.2 million). The Company is self-insured for medical claims with stop loss coverage for claims of over $0.3 million.

Manufacturing costs versus expectations during the second quarter of 2025 were unfavorable by approximately $3 million, which occurred in April and May due to inefficiencies from the ramp-up of production and hiring to fulfill the higher order rate. The Company believes that these issues have been resolved.

4

1 Net sales represents gross sales less freight. The Company uses net sales as its measure of revenues from external customers at the segment level.

2 See Note 1 in GAAP to Non-GAAP Reconciliations for more information and a reconciliation of this non-GAAP financial measure

• Effective June 4, 2025, the Section 232 tariffs were increased to 50%,except for the United Kingdom (U.K.), after previously being increased from 10% to 25%, effective March 12, 2025. These measures, which are in addition to existing antidumping and countervailing duties. There are no country-specific or product-specific exclusions occurring to date, except for an alternative arrangement with the U.K. Tariffs and duties are part of the mechanical passthrough to customers in the U.S. market for aluminum extrusions for changes in metal costs. In addition, the Company implemented price increases during the third quarter of 2025 to offset other tariff-related cost increases that are not part of the metal cost pass-through mechanism.

• The trend of net new orders declined after the most recent tariff increase to 50% from an average of 3.4 million pounds per week for the weekly periods ending from January 5 to June 1, 2025, to an average of 2.7 million pounds per week for the weekly periods ending June 8, 2025 through August 1, 2025. The Company believes that the 20% decline in orders after the step-up in tariff to 50% is due to a combination of lower demand for extrusions in the U.S. and customers pausing orders to evaluate the permanency of the new higher tariff. The favorable shift in market share from

5 imports to U.S. producers has not offset the lower demand at the stepped-up tariff level.

• 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 diffusion index. An index score of 50 represents no change in firm billings from the previous month, a score above 50 indicates an increase in firm billings from the previous month, and a score below 50 indicates a decline in firm billings from the previous month.

6

Second Quarter Performance First Six Months Performance

(in millions) 2Q 25 2Q 24

(in millions) 2025 2024

Second Quarter Financial Highlights

EBITDA from ongoing operations in the second quarter of 2025 decreased $3.4 million versus the second quarter of 2024, primarily due to:

• A decrease in contribution margin of $3.1 million resulting from:

  • A $3.3 million decrease from Surface Protection associated with lower volume ($4.2 million), partially offset by cost improvements and favorable pricing ($0.7 million) and the pass-through lag associated with resin costs (no charge or benefit in the second quarter of 2025 versus a charge of $0.2 million in the second quarter of 2024).

  • A $0.2 million increase from overwrap films primarily due to cost improvements ($0.2 million) and the pass-through lag associated with resin costs (no charge or benefit in the second quarter of 2025 versus a charge of $0.1 million in the second quarter of 2024), partially offset by unfavorable pricing ($0.1 million).

There have been significant cyclical swings in the sales volume and EBITDA from ongoing operations for PE Films in the last

3.5 years, largely due to the unprecedented downturn in the display industry during the second half of 2022 and first half of 2023. EBITDA from ongoing operations for the past 3.5 years (first six months of 2025, full year 2024, 2023 and 2022) has averaged approximately $4.8 million per quarter.

7

1 Net sales represents gross sales less freight. The Company uses net sales as its measure of revenues from external customers at the segment level.

2 See Note 1 in GAAP to Non-GAAP Reconciliations for more information and a reconciliation of this non-GAAP financial measure

($ in millions)

Cash Flows used in operations Capital Expenditures Dividends Paid1

Net Debt2

ABL Facility Availability (as of June 30, 2025)

$(2.9)

$5.6

$0.0

$52.8

$51.0

1 The Company suspended its quarterly dividend (which had an annual cash outlay of ~$17.7 million) on 8/3/2023.

2 See Note 4 in GAAP to Non-GAAP Reconciliations for more information and a reconciliation of this non-GAAP financial measure.

8

Total debt was $62.6 million at June 30, 2025 and $61.9 million at December 31, 2024. Cash, cash equivalents were $9.8 million at June 30, 2025 and $7.1 million at December 31, 2024. Net debt1 (total debt in excess of cash & cash equivalents), a non-GAAP financial measure, was $52.8 million at June 30, 2025 and $54.8 million at December 31, 2024.

Total debt increased $0.7 million and net debt decreased $2.0 million in the first six months of 2025 versus the end of 2024 due to $9.8 million received in the first quarter of 2025 from the post-closing settlement associated with the sale of Terphane, partially offset by higher net working capital resulting from seasonally low levels at the end of 2024 and the impact of tariffs in 2025.

As of June 30, 2025, the Company was in compliance with all covenants under its $125 million asset-based credit agreement, which matures May 6, 2030 (the "ABL Facility"). Availability for borrowings under the ABL Facility is governed by a borrowing base, determined by the application of specified advance rates against eligible assets, including trade accounts receivable, inventory, and owned machinery and equipment. As of June 30, 2025, funds available to borrow under the ABL Facility were approximately $51 million. The median daily liquidity under the ABL Facility during the second quarter of 2025 was $54 million compared with a median of $44 million during the first quarter of 2025. Refer to Item 1. Financial Statements Note 10 in the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2025 for additional details on the primary debt covenants.

9 1. See Note 4 in GAAP to Non-GAAP Reconciliations for more information and a reconciliation of this non-GAAP financial measure.