4Q 2024 Quarterly Highlights and Investor Presentation

2024 Fourth Quarter Financial Results

March 12, 2025

(in millions, except per share data)

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 businesses finished 2024 with solid performances in the typically seasonally low fourth quarter. Net new orders have continued to grow at Bonnell Aluminum so far in 2025. PE Films results are encouraging as well.

"Our balance sheet was strong at the end of 2024 with a net leverage ratio of 1.1x1, which was a dramatic improvement from 3.7x1 at the end of 2023, due to the cyclical recovery underway in our businesses and the completion of the sale of Terphane on November 1, 2024. We received additional post-closing settlement proceeds of $9.8 million in the first quarter of 2025.

"We support actions to increase the Section 232 tariffs on aluminum, to close loopholes that allowed foreign companies to evade the tariffs and to apply the tariffs to downstream products like the extrusions that we produce. We believe that these improved tariffs will go a long way towards leveling the playing field for U.S. aluminum extruders, strengthening American manufacturing in critical industries like aluminum, and supporting America's manufacturing workers."

2

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

2024 Fourth Quarter and Full Year Results

Fourth Quarter Performance

(in millions) 4Q 24 4Q 23

Full Year Performance

(in millions) 2024 2023

Fourth Quarter Financial Highlights

EBITDA from ongoing operations in the fourth quarter of 2024 increased $1.7 million versus the fourth quarter of 2023 primarily due to:

• A $4.9 million increase in contribution margin (net sales less variable costs) associated with:

  • Higher volume ($2.4 million), increased labor productivity ($1.1 million), and favorable variable manufacturing costs ($1.1 million), partially offset by higher labor and employee-related costs ($0.7 million), and lower spread (the difference between selling prices and metal costs) associated with a shift in sales mix ($1.6 million); and

  • 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 $2.5 million in the fourth quarter of 2024 versus a charge of $0.2 million in the fourth quarter of 2023.

• Inventories accounted for under the last-in first-out ("LIFO") method resulted in a charge of $1.2 million in the fourth quarter of 2024 versus a benefit of $0.9 million in the fourth quarter of 2023; and

• Higher selling, general and administrative ("SG&A") expenses of $1.3 million primarily associated with employee-related incentive

3 compensation ($0.9 million) and headquarters rent expenses ($0.1 million).

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

• The Company participated as a member of the Aluminum Extruders Coalition who filed a trade case with the U.S. Department of Commerce ("USDOC") and the U.S. International Trade Commission ("USITC") against 15 countries in response to alleged large and increasing volumes of unfairly priced imports of aluminum extrusions since 2019. In November 2023, the USITC found that there is a reasonable indication that the American aluminum extrusions industry is materially injured or threatened with injury due to imports from 14 countries, including China. In September 2024, the USDOC announced its final determinations that aluminum extrusion producers and exporters in 14 countries, including China, sold aluminum extrusions at less-than-fair value in the U.S. In October 2024, the USITC found that U.S. producers had not been materially injured by reason of the subject imports, despite the USDOC findings of less-than-fair value pricing by those imports. The coalition has appealed the decision. The USITC negative determination did not impact the existing duties on aluminum extrusions from China, which were extended by the USITC in October 2022 for a period of five years.

• On February 10, 2025, the Section 232 tariffs on all aluminum imports were increased from 10% to 25%, effective March 12, 2025, and certain country-specific and product-specific exclusions from the tariffs were revoked. This action also expands the scope of the tariffs to include downstream products, including certain finished aluminum goods. These measures, which are in addition to existing antidumping and countervailing duties, are intended to prevent the circumvention of duties through the importation of downstream products. The actual timing and level of the tariffs remains a fluid situation.

  4

  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 quarterly range of 21 to 27 million pounds in 2019 before pandemic-related disruptions that resulted in long lead times, driving a peak in open orders of approximately 100 million pounds during the first quarter of 2022.

  • 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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Fourth Quarter Performance Full Year Performance

(in millions) 4Q 24 4Q 23

* Not meaningful ("NM")

Fourth Quarter Financial Highlights

EBITDA from ongoing operations in the fourth quarter of 2024 increased $3.1 million versus the fourth quarter of 2023, primarily due to:

• Higher contribution margin of $4.1 million resulting from:

  • A $4.0 million increase from Surface Protection associated with increased volume and favorable sales mix ($3.7 million) and operating efficiencies and cost improvements ($0.3 million);

  • A $0.3 million decrease from overwrap films primarily due to lower volume and unfavorable sales mix ($0.2 million) and unfavorable pricing ($0.1 million); and

  • The pass-through lag associated with resin costs (no impact in the fourth quarter of 2024 versus a charge of $0.3 million in the fourth quarter of 2023).

• Inventories accounted for under the LIFO method, which resulted in a benefit of $0.2 million in the fourth quarter of 2024 versus a benefit of $1.3 million in the fourth quarter of 2023.

6 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 5 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 December 31, 2024)

$25.5

$14.3

$0.0

$54.8

$43.8

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 $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 excess of cash, cash equivalents and restricted cash), a non-GAAP financial measure, was $54.8 million at December 31, 2024 and

$113.2 million at December 31, 2023.

The Company has been focused on managing net working capital, capital expenditures and costs since a slowdown in business began in 2023. Total debt decreased $64.4 million and net debt decreased $58.4 million at the end of 2024 versus the end of 2023 due to the use of the proceeds from the sale of Terphane to pay down debt during the fourth quarter of 2024.

As of December 31, 2024, the Company was in compliance with all covenants under its $125 million asset-based credit agreement, which matures June 30, 2026 (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, owned real properties and owned machinery and equipment. As of December 31, 2024, funds available to borrow under the ABL Facility were approximately $44 million. The median daily liquidity under the ABL Facility during the fourth quarter of 2024 was favorable at $42 million compared with a median of $30 million during the third quarter of 2024. Refer to Note 7. Debt and Credit Agreements to the Consolidated Financial Statements included in Item 15. Exhibits and Financial Statements Schedules ("Item 15") of the 2024 Form 10-K for additional details on the primary debt covenants.

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 discontinued operations. On February 28, 2025, the Company received $9.8 million from post-closing settlement of the transaction, which was $2.8 million higher than expected mainly due to higher cash held at Terphane in Brazil than estimated at closing. For more information on this transaction, see Note 16. Divestitures to the Consolidated Financial Statements included in Item 15 of the 2024 Form 10-K.

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

Appendix