3Q 2025 Quarterly Highlights and Investor Presentation

2025 Third Quarter Financial Results

November 7, 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.

"Both business units had a good quarter. At Bonnell, even with the exclusion of inventory flowthrough timing accounting benefits, third quarter financial results improved from second quarter, consistent with the resolution of previously disclosed manufacturing inefficiencies. Net new orders continued at depressed levels since the increase of Section 232 tariffs to 50% from 25% effective in the first week of June, and averaged 3.4, 3.1 and 2.6 million pounds per week in the first, second and third quarters of this year. Shipments have been higher than net new orders, resulting in a decline in open orders from peak levels earlier this year. In addition, tariffs haven't had the expected favorable shift of market share to U.S. aluminum extrusion producers due to the apparent undervaluing of goods by importers, resulting in lower tariffs than otherwise due. On the bright side, while net new order activity remains uncertain, net new orders averaged approximately

3.0 million pounds per week in October."

"PE films continued to perform well with strong cash generation. Net debt declined from $54.8 million at the beginning of the year to $36.2 million on September 30, 2025. To help ensure that we are in the best position to maximize value for shareholders, we are evaluating cost reduction opportunities that should begin to be realized in 2026."

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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

• Net new orders in the third quarter of 2025 decreased 5% versus the third quarter of 2024 and 16% versus the second quarter of 2025. The decrease in net new orders in the third quarter of 2025, which is largely attributed to the tariff increase to 50%, marked the second quarterly decline for this metric, following 10 consecutive quarterly increases. See page 5 for additional information on net new orders.

• Open orders at the end of the third quarter of 2025 were 19 million pounds versus 16 million pounds at the end of the third quarter of 2024 and 25 million pounds at the end of the second quarter of 2025. This level falls below 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 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) associated with:

  • Higher volume ($4.9 million), favorable pricing ($4.2 million) and lower manufacturing costs associated with material yield ($0.5 million favorable in the third quarter of 2025 versus $0.8 million unfavorable in the third quarter of 2024), partially offset by higher labor rates ($0.9 million), unfavorable labor productivity associated with onboarding new employees ($0.7 million), higher maintenance and supply expense, partially due to the impact of tariffs ($0.5 million), and higher utilities ($0.3 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 benefit of $4.3 million in the third quarter of 2025 versus a charge of $1.0 million in the third 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 $1.89 and $1.49 per pound in August and May of 2025, and $1.25 and $1.36 per pound in August and May of 2024. The average U.S. Midwest transaction prices for aluminum for the third and second quarters of 2025 and third and second quarters of 2024 were $1.90, $1.56, $1.27 and $1.34 per pound, respectively.

• Higher fixed costs primarily associated with wage increases and compensation-related costs ($0.6 million), higher maintenance and utilities expenses ($0.5 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 ($0.4 million).

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  Aluminum Extrusions (Bonnell Aluminum) Sales Volume by End-Use Market and Net New Orders

  (In millions of lbs)	Three Months Ended Sept 30, 2025 2024		Favorable/ (Unfavorable) % Change	Three Months Ended June 30, 2025	Favorable/ (Unfavorable) % Change	Nine Months Ended Sept 30, 2025 2024		Favorable/ (Unfavorable) % Change
  Sales volume by end-use market:
  Non-residential B&C	22.3	18.7	19.3%	22.5	(0.9)%	64.1	59.1	8.5%
  Residential B&C	2.3	2.4	(4.2)%	2.3	-- %	6.5	6.2	4.8%
  Automotive	2.9	3.2	(9.4)%	3.2	(9.4)%	9.2	9.3	(1.1)%
  Specialty products	13.8	10.3	34.0%	12.7	8.7%	40.1	28.7	39.7%
  Total	41.3	34.6	19.5%	40.7	1.5%	119.9	103.3	16.1%

  • Effective June 4, 2025, the Section 232 tariffs were increased to 50%, except for the United Kingdom, after previously being increased from 10% to 25%, effective March 12, 2025. These measures 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 United Kingdom. Tariffs and duties are part of the mechanical pass-through 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 November 2, 2025. The Company believes that the 20% decline in net new orders after the step-up in tariff to 50% is due to a combination of: lower demand for extrusions in the U.S.; tariffs not resulting in the expected favorable shift of market share to U.S. aluminum extrusion producers due to the apparent undervaluing of goods by importers; and customers pausing orders to evaluate the permanency of the new higher tariff. When the Section 232 program was initially strengthened, while import volume remained high, U.S. producers began to see increased market share gains against imports. However, the U.S. industry has seen these early gains reversed and imports have again begun gaining share at the expense of the domestic industry, which has impacted the Company's business. The Company is hopeful that the Administration will address

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the problem.

• 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.

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Third Quarter Performance First Nine Months Performance

(in millions) 3Q 25 3Q 24

(in millions) 2025 2024

Third Quarter Financial Highlights

EBITDA from ongoing operations in the third quarter of 2025 increased $1.4 million versus the third quarter of 2024, primarily due to:

• An increase in contribution margin of $1.4 million resulting from:

  • A $1.8 million increase from Surface Protection associated with higher volume ($0.7 million), cost improvements and favorable productivity ($1.0 million) and the pass-through lag associated with resin costs (a charge of $0.1 million in the third quarter of 2025 versus a charge of $0.2 million in the third quarter of 2024).

  • A $0.4 million decrease from overwrap films primarily due to lower volume ($0.1 million) and unfavorable productivity ($0.3 million).

• There have been significant cyclical swings in the sales volume and EBITDA from ongoing operations for PE Films since the beginning of 2022, 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 3.75 years (first nine months of 2025, full year 2024, 2023 and 2022) has averaged approximately $5.0 million per quarter. The top four customers comprised 88% of the net sales for PE Films for the first nine months of 2025 and all of 2024.

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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 provided by operations Capital Expenditures

Dividends Paid1Net Debt2

ABL Facility Availability (as of September 30, 2025)

$17.3

$9.2

$0.0

$36.2

$73.0

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.

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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 equivalents), a non-GAAP financial measure, was $36.2 million at September 30, 2025 and $54.8 million at December 31, 20241.

Total debt decreased $12.4 million and net debt decreased $18.6 million in the first nine 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 and segment EBITDA from ongoing operations of $56.7 million, partially offset by total corporate expenses of $21.6 million, interest expense of $3.6 million, capital expenditures of $9.2 million and additional working capital of $13.4 million mainly resulting from the impact of tariffs in 2025.

As of September 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 September 30, 2025, funds available to borrow under the ABL Facility were approximately $73 million. The median daily liquidity under the ABL Facility during the third quarter of 2025 was $53 million compared with a median of $54 million during the second quarter of 2025. Refer to Note 10 to the Company's Condensed Consolidated Financial Statements in the Third Quarter Form 10-Q 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.