4Q 2025 Quarterly Highlights and Investor Presentation

2025 Fourth Ǫuarter Financial Results

• Earnings before interest, taxes, depreciation and amortization ("EBITDA") from ongoing operations for Aluminum Extrusions was $15.7 million in the fourth quarter of 2025 versus $9.7 million in the fourth quarter of 2024 and versus $16.8 million in the third quarter of 2025.

  • Sales volume was 37.2 million pounds in the fourth quarter of 2025 versus 35.8 million pounds in the fourth quarter of 2024 and 41.3 million pounds in the third quarter of 2025.

  • Net new orders decreased 6% in the fourth quarter of 2025 versus the fourth quarter of 2024 and increased 2% versus the third quarter of 2025. Open orders at the end of the fourth quarter of 2025 and at the end of the fourth quarter of 2024 were approximately 17 million pounds versus 19 million pounds at the end of the third quarter of 2025.

• EBITDA from ongoing operations for High Performance Films3 was $5.7 million in the fourth quarter of 2025 versus $7.6 million in the fourth quarter of 2024 and versus $7.2 million in the third quarter of 2025.

  • Sales volume was 9.2 million pounds in the fourth quarter of 2025 versus 9.1 million pounds in the fourth quarter of 2024 and 9.7 million pounds in the third quarter of 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.

3 See GAAP to Non-GAAP Reconciliations for more information on the segment name change. 3

"We closed the year with a strong fourth quarter EBITDA performance for Bonnell Aluminum and solid cash flow generation for High Performance Films. Bonnell delivered higher sales volumes and improved EBITDA versus the same quarter of 2024. This was a noteworthy achievement, given challenging market conditions, tariff-related cost pressures, and a decline in net new orders following the mid-year increase in Section 232 tariffs. Despite these results, our outlook for 2026 remains uncertain.

The year began with significant weather-related disruptions, and the current tariff structure continues to exert a negative influence on the domestic extrusions market. Nevertheless, we believe that we are outperforming the broader market and remain committed to pursuing long-term sustainable volume growth through product-focused initiatives such as with our TSLOTSTM branded products, which continue to grow and gain market share against our competitors."

"High Performance Films had a solid finish to the year in the fourth quarter, as compared with an exceptional performance in the prior year. While sales volumes for surface protection films declined modestly in the fourth quarter versus the third quarter and last year, the High Performance Films business continued to generate strong cash flow, supported by cost discipline and operational efficiencies. We are forecasting that surface protection volumes will soften in the first quarter of 2026, driven by a significant customer's inventory correction and scheduled maintenance activity. We continue to make progress on opportunities in adjacent markets where our core strengths can create differentiated value such as applications for automotive displays and protection of functional films."

"The Company continues to focus on cash generation and cost discipline. Net debt declined from $54.8 million at the beginning of the year to $28.4 million at year-end. We continue to look at cost savings opportunities across the Company, including operational and supply chain efficiencies, administrative costs, and outside services."

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Arijit (Bapi) DasGupta, CEO and President (Fourth Ǫuarter 2025 Earnings Release) 4

Fourth Ǫuarter Performance Full Year Performance

• Net new orders in the fourth quarter of 2025 decreased 6% versus the fourth quarter of 2024 and increased 2% versus the third quarter of 2025. Net new orders for the second half of 2025 decreased 19.8% versus the first half of 2025. The decrease in net new orders for the second half of 2025 is largely attributed to the tariff increase to 50%, discussed on page 7. In the second half of 2025, shipments exceeded net new orders, resulting in a decline in open orders from peak levels earlier this year.

• Open orders were 17 million pounds at the end of the fourth quarter of 2025 and at the end of the fourth quarter of 2024, and 19 million pounds at the end of the third quarter of 2025. This level of open orders falls below the normalized level that is typically associated with stable demand patterns and healthy market dynamics.

  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 5

  EBITDA from ongoing operations in the fourth quarter of 2025 increased $6.0 million versus the fourth quarter of 2024, primarily due to:

• A $13.3 million increase in contribution margin (net sales less variable costs) associated with:

  
  
  

  • Higher volume ($1.1 million), favorable pricing ($3.5 million) and lower manufacturing costs associated with material yield ($1.6 million favorable in the fourth quarter of 2025 versus $0.7 million favorable in the fourth quarter of 2024), partially offset by higher labor rates ($0.8 million), higher maintenance and supply expense, partially due to the impact of tariffs ($1.1 million), higher die 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 benefit of $3.3 million in the fourth quarter of 2025 versus a benefit of $1.2 million in the fourth 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 were $2.16 and $1.89 per pound in November and August of 2025, compared to $1.39 and $1.25 per pound in November and August of 2024. See "Ǫuarterly Average Price of Aluminum" chart on page 24 of the Company's Annual Report on Form 10-K for the year ended December 31, 2025 ("Form 10-K") for additional information on the average U.S. Midwest transaction prices for aluminum for each quarter of 2025 and 2024.

• Inventories accounted for under the last-in-first-out ("LIFO") method resulted in a net benefit of $2.6 million in the fourth quarter of 2025 compared to a net benefit of $0.1 million in the fourth quarter of 2024 due to a favorable current cost adjustment associated with higher metal prices ($9.3 million benefit in the fourth quarter of 2025 and $1.3 million benefit in fourth quarter of 2024), partially offset by a corresponding increase in the LIFO reserve, which resulted in a charge of $6.7 million in the fourth quarter 2025 versus a charge of $1.2 million in the fourth quarter 2024.

• Higher fixed costs primarily associated with wage increases and compensation-related costs ($0.5 million), higher maintenance and utilities expenses ($0.3 million) and added resources to support increasing volume ($0.3 million).

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

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• 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 2.6 million pounds per week for the weekly periods ending June 8, 2025 through March 6, 2026. The Company believes that the 23.6% 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. and tariffs not resulting in the expected favorable shift of market share to U.S. aluminum extrusion producers due to the continued undervaluation of imported fabricated aluminum products. 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, since the tariff increased to 50%, the U.S. industry has seen these early gains diminished and imports from certain countries have again begun gaining share at the expense of the domestic industry, which has impacted the Company's business. In response to ongoing market pressures associated with the current Section 232 tariff structure, the Company is participating in a coalition of U.S. downstream aluminum manufacturers that is engaging with federal policymakers on matters affecting the competitiveness of its industry.

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  Architectural Billings Index

• One of the key indicators for non-residential building C construction (BCC) is the Architecture Billings Index (ABI), which leads non-residential BCC 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 Ǫuarter Performance Full Year Performance

EBITDA from ongoing operations in the fourth quarter of 2025 decreased $1.9 million versus the fourth quarter of 2024, primarily due to:

• Lower contribution margin of $0.9 million resulting from:

  • A $0.9 million decrease from Surface Protection associated with lower volume, unfavorable sales mix and unfavorable pricing ($1.7 million), partially offset by operating efficiencies and cost improvements ($0.8 million); and

  • Neutral impact from advanced packaging films as cost improvements were offset by unfavorable sales mix.

• Inventories accounted for under the LIFO method that resulted in a charge of $0.2 million in the fourth quarter of 2025 versus a benefit of $0.2 million in the fourth quarter of 2024.

• A foreign currency transaction loss of $0.2 million in the fourth quarter of 2025 versus a gain of $0.4 million in the fourth quarter of 2024.

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 9

202C Capital Expenditures Projections include:

• For Aluminum Extrusions: $7M for productivity projects

• For High Performance Films: $1M for productivity projects

• Capital expenditures to support continuity of current operations planned at approximately $13M for Aluminum Extrusions and $2M for High Performance Films.

1 Represents management's current expectation as of December 31, 2025, which is subject to change.

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($ in millions)

ABL Facility Availability (as of December 31, 2025)

$33.0

$17.2

$0.0

$28.4

$87.0

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 $35.1 million at December 31, 2025 and $61.9 million at December 31, 2024. Cash and cash equivalents were

$6.7 million at December 31, 2025 and $7.1 million at December 31, 2024. Net debt (total debt in excess of cash and cash equivalents), a non-GAAP financial measure, was $28.4 million at December 31, 2025 and $54.8 million at December 31, 20241.

Total debt decreased $26.8 million and net debt decreased $26.4 million at the end 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 $78.1 million, partially offset by total corporate expenses of $25.4 million, interest expense of

$4.0 million, capital expenditures of $17.2 million and additional working capital of $15.2 million mainly resulting from the impact of tariffs in 2025.

As of December 31, 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 December 31, 2025, funds available to borrow under the ABL Facility were approximately $87 million. The median daily liquidity under the ABL Facility during the fourth quarter of 2025 was favorable at $82 million compared with a median of $53 million during the third quarter of 2025. Refer to Note 7. Debt and Credit Agreements to the Consolidated Financial Statements included in Part IV, Item 15 of the 2025 Form 10-K for additional details on the primary debt covenants.

1 See Note 4 in GAAP to Non-GAAP Reconciliations for more information and a reconciliation of this non-GAAP financial measure. 12

Appendix

Aluminum Extrusions

Custom designed, fabricated and finished aluminum extrusions; value-added service options include fabricating, machining, anodizing, painting and thermal enhancements for key segments of:

• Building and Construction

• Automotive

• Specialty Markets (includes consumer durables, machinery and equipment, electrical, distribution)

  Building and Construction: commercial windows C doors, curtain walls, storefronts C entrances, automatic entry doors, walkway covers, ducts, louvers and vents, office wall panels, partitions and interior enclosures, acoustical walls C ceilings, point of purchase displays, pre-engineered structures, residential windows and doors, shower C tub enclosures, railing C support systems, venetian blinds, swimming pools and flooring trims (Futura Transitions by Bonnell Aluminum®)

  Automotive/Transportation: Automotive and light truck structural components, battery enclosures for electric vehicles, after-market automotive accessories, heavy truck grills, travel trailers and recreation vehicles

  Specialty Markets:

  Furniture, appliances, pleasure boats, commercial refrigerators and freezers, sporting goods, material handling equipment, conveyor systems, medical equipment, solar panel brackets, lighting fixtures, electronic apparatus, electrical apparatus, industrial fans and aluminum framing systems (TSLOTS by Bonnell Aluminum®)

  Glazing contractors and fabricators

  Floor covering distributor network (Futura Transitions)

  Tier I and II suppliers to Automotive OEMs

  Various industrial manufacturers, OEMs, metal service centers

  Hydro Extrusions North America, Kaiser Aluminum, Pennex Aluminum, Magnode (a Shape Corp Company), Sierra Aluminum, Western Extrusions Corp, Keymark Aluminum Corp.

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  Major Product Groups Primary End Markets Customers Competitors

  High Performance Films

  Surface Protection: Single and multilayer surface protection films for high technology applications during the manufacturing and transportation process

  Advanced Packaging: Low-density, high-density and polypropylene films engineered for performance for consumer packaging, medical packaging, food packaging, automotive protection, and in-process manufacturing aids

  High-value components of flat panel and flexible displays, including liquid crystal display ("LCD") and Organic Light Emitting Diodes ("OLED") displays; used in televisions, monitors, notebooks, smartphones, tablets, automotive displays, and digital signage during the manufacturing and transportation process

  Paper tissues and towels, hot-melt adhesives, butyl rubber bale packaging, specialty tapes and in-transit automobile paint protection protective wraps

  Major manufacturers of flat panel and flexible display components and materials suppliers for solar applications

  Manufacturers of paper tissue and towels, food storage bags, adhesive and rubber materials, and specialty tapes

  Toray, Sekisui, Hanjin, Ihlshin

  Sigma Group, Amcor/Berry, Printpack

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  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-class capabilities in extrusion and finishing services (fabrication, painting, anodizing, thermal enhancement) throughout five U.S. facilities

    High Performance Films

  • Global technology and quality leader of highly specialized films which protect extremely sensitive surfaces of critical components of optical displays and engineered surfaces; key component of display industry supply chain

  • Positive market trends, including proliferation of "Internet of Things (IOT)," requiring more displays and semiconductors and shifting dynamics of the workforce driving growth in key end-use markets

  • Thin film capability for packaging applications enhances value proposition for customers

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    Tredegar High Performance Films and Bonnell Aluminum

    17

    
    
    

    $5GG million Net Sales1

    Electrical G other G%

    Machinery G equipment 12%

    Key Market Drivers

    Business Profile

    • Strong demand for finished products, including anodized, painted products and fabricated components

    • Growing aluminum content in vehicles, driven by CAFE (corporate average fuel economy) standards

Nonresidential Customers

building G

Automotive 7%

Consumer durables 8%

Distribution 3%

Residential building G construction 7%

construction 54%

• Glazing contractors and fabricators

• Tier I and II suppliers to automotive OEMs

• Consumer durables, machinery and equipment, and electrical OEMs; distributors and metal service centers

  Primary End Use Markets

• Curtain wall, storefronts and entrances, doors, windows, wall panels, flooring trims (Futura Transitions by Bonnell Aluminum®) and other building components

• Automobile and light truck structural components, crash management systems, truck grills

• Furniture, appliances, pleasure craft, medical equipment, solar panel brackets, lighting fixtures, electronic apparatus, modular framing (TSLOTS by Bonnell Aluminum®)

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. 18

Specialty segment includes electrical, consumer durables, TSLOTS, distribution, and machinery & equipment.

19

638

539

599

475

472

750 75

500 50

250

-

2021 2022 2023 2024 2025

25

-

2021 2022 2023 2024 2025

200

150

100

50

-

183

175

157

139

139

2021 2022 2023 2024 2025

30

24

19

20

15

10

20

10

-

2021 2022 2023 2024 2025

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. 20