Tredegar Corp (TG)

Tredegar Announces Bonnell Aluminum Leadership ChangesJune 1, 2026 4:05 PM
Business Wire   Bonnell Aluminum, a subsidiary of Tredegar Corporation, today announced that Brook Hamilton, President of Bonnell Aluminum (“Bonnell”), will retire in July 2026 after more than two decades of leadership and service. The company also announced that Carl Czarnik has been promoted to Senior Vice President and General Manager of Bonnell, effective June 15, 2026. Mr. Hamilton has led Bonnell since 2013, following a career with the company that began in 2005. Over the course of his tenure, he played a pivotal role in shaping the organization’s strategy, strengthening its culture, and building lasting customer relationships, helping position Bonnell as a respected leader in the U.S. aluminum industry. Mr. Czarnik, who joined Bonnell in 2019 as Vice President of Operations, brings extensive operational and leadership experience to his new role. As Senior Vice President and General Manager, he will be responsible for Bonnell’s profit and loss performance, operational execution, and strategic direction. Prior to joining Bonnell, he served as Vice President of Operations at Gerdau Long Steel and Vice President of Human Resources for Gerdau North America. Mr. Czarnik served in the U.S. military from 1987 to 1994, including active duty during Operations Desert Shield and Desert Storm, and was honorably discharged as a Captain after earning the Army Commendation Medal for his distinguished service. Dr. Arijit (Bapi) DasGupta, president and CEO of Tredegar Corporation, said “Brook’s leadership has been instrumental in building Bonnell into the strong, respected organization it is today, and we are deeply grateful for his many contributions over the years.” Dr. DasGupta added, “And Carl’s proven leadership, operational discipline, and track record of driving performance position him well to lead Bonnell forward and capitalize on the opportunities ahead.” About Bonnell Aluminum Bonnell Aluminum is a subsidiary of Tredegar Corporation (NYSE:TG). The Company is a leading manufacturer of custom-fabricated and finished aluminum extrusions serving the building and construction, automotive and transportation, consumer durables, machinery and equipment, electrical and distribution markets. Branded product lines include TSLOTS by Bonnell Aluminum and Futura Transitions by Bonnell Aluminum. The Company has manufacturing facilities located in Newnan GA, Carthage TN, Niles MI, Elkhart IN, and Clearfield, UT. For additional information about Bonnell Aluminum, please visit www.bonnellaluminum.com View source version on businesswire.com: https://www.businesswire.com/news/home/20260601669747/en/ Neill Bellamy
Phone: 804/330-1211
Website: www.tredegar.com Original: Tredegar Announces Bonnell Aluminum Leadership Changes

Tredegar Announces Director TransitionsMay 27, 2026 4:15 PM
Business Wire Tredegar Corporation (NYSE:TG) today announces the resignation of George C. Freeman, III and Carl E. Tack, III from its Board of Directors (Board) and the election of Joseph Haniford as an independent director to its Board, in each case, effective May 22, 2026. Mr. Freeman has served as a director of Tredegar since 2011, and Mr. Tack has served as a director of Tredegar since 2014. Gregory A. Pratt, Chairman of the Board, commented, “Both George and Carl have been invaluable members of our Board of Directors. They will certainly be missed, and we wish them the best in retirement. We are also fortunate to have Joe join our Board. Joe’s deep industry and public-company executive experience make him a valuable addition to the Board. I welcome him to Tredegar on behalf of the entire Board and look forward to working with him to enhance Tredegar’s value for our shareholders.” About Joe Haniford Joe Haniford has served as the Chairperson of the Board of Directors of River Valley Health since July 2023. Mr. Haniford previously served as Chief Operating Officer and Senior Vice President for Carpenter Technology Corporation from July 2015 to September 2023. Prior to his role at Carpenter Technology, Mr. Haniford served as the Chief Operating Officer of Heil Trailer International and EnTrans International. Mr. Haniford began his career at Alcoa Inc., where he held various positions of increasing responsibility. Mr. Haniford holds a Bachelor of Science degree in mechanical engineering from the Rose-Hulman Institute of Technology. About Tredegar Tredegar Corporation is an industrial manufacturer with two primary businesses: custom aluminum extrusions for the North American building & construction, automotive and specialty end-use markets and surface protection films for high-technology applications in the global electronics industry. With approximately 1,600 employees, the Company operates manufacturing facilities in North America and Asia. View source version on businesswire.com: https://www.businesswire.com/news/home/20260527966410/en/ Neill Bellamy
Phone: 804/330-1211
E-mail: neill.bellamy@tredegar.com Tredegar Corporation
Corporate Communications
1100 Boulders Parkway
Richmond, Virginia 23225
E-mail: invest@tredegar.com
Website: www.tredegar.com Original: Tredegar Announces Director Transitions

Tredegar Corporation Announces Susan Sweeney Joins Company as Vice President and Chief Human Resources OfficerMay 26, 2026 4:05 PM
Business Wire Tredegar Corporation (NYSE:TG) today announced that Dr. Susan Sweeney will join the company as Vice President and Chief Human Resources Officer (CHRO), effective June 1, 2026. Dr. Sweeney will report directly to the CEO. Bapi DasGupta, CEO and President of Tredegar, said, “Dr. Sweeney brings a rare combination of global operational expertise, business leadership, and deep human resources experience.” He added, “Her track record of leading organizational transformation and developing people-centered strategies within complex environments makes her an exceptional fit for Tredegar.” Dr. Sweeney joins Tredegar from Virginia Transformer Corporation, where she served as Executive Vice President and Chief Human Resources Officer. Her career began at General Motors as Director of Operations, followed by leadership roles at GGB Bearing Technology, where she served as Vice President of Global Operations and later President with full P&L responsibility. She subsequently held dual President and CHRO roles and later served as CHRO at EnPro Industries before joining Virginia Transformer. In addition to her executive career, Dr. Sweeney serves on the Board of Directors of Miller Industries and is an adjunct instructor at Wilmington University. Dr. Sweeney holds a Doctorate of Education in Organizational Leadership and Innovation from Wilmington University, an MBA from the University of Detroit, and a BA in Economics from Kalamazoo College. View source version on businesswire.com: https://www.businesswire.com/news/home/20260526766039/en/ Neill Bellamy
Phone: 804/330-1211
E-mail: neill.bellamy@tredegar.com Original: Tredegar Corporation Announces Susan Sweeney Joins Company as Vice President and Chief Human Resources Officer

Tredegar Reports First Quarter 2026 ResultsMay 8, 2026 8:05 AM
Business Wire Delivered profitable first quarter 2026 results, with net income from continuing operations of $5.1 million, or $0.15 per diluted share, for the first quarter of 2026 compared to $0.7 million, or $0.02 per diluted share, for the first quarter of 2025. Net income from ongoing operations, which excludes special items, was $5.0 million, or $0.15 per diluted share, for the first quarter of 2026 compared to $3.6 million, or $0.10 per diluted share, for the first quarter of 2025. Consolidated earnings before interest, taxes, depreciation and amortization (“Consolidated EBITDA”) from ongoing operations was $11.7 million for the first quarter of 2026 compared to $11.5 million for the first quarter of 2025. First quarter 2026 performance driven primarily by Aluminum Extrusions: Earnings before interest, taxes, depreciation and amortization (“EBITDA”) from ongoing operations for Aluminum Extrusions was $11.7 million in the first quarter of 2026 versus $9.2 million in the first quarter of 2025 and versus $15.7 million in the fourth quarter of 2025. EBITDA from ongoing operations for High Performance Films was $5.1 million in the first quarter of 2026 versus $7.5 million in the first quarter of 2025 and versus $5.7 million in the fourth quarter of 2025. Tredegar Corporation (NYSE:TG, also the “Company” or “Tredegar”) today reported first quarter financial results for the period ended March 31, 2026. Arijit (Bapi) DasGupta, Tredegar’s president and chief executive officer, said, “Bonnell had a good quarter in the face of challenging market conditions, tariff-driven cost pressures, and softer net new orders after the mid-year 2025 Section 232 tariff increase. Their ability to improve under these circumstances reinforces our confidence in the business and its long-term trajectory. In High Performance Films, sales volume for surface protection films softened as expected due to a significant customer’s inventory correction and scheduled maintenance activity for another customer.” He continued, “Both of our business units continue to lead with deep, long-standing customer relationships and differentiated value propositions. As we continue to bring the organization together as One Tredegar, we continue to focus on operational excellence and productivity improvements and see substantial opportunities to leverage best practices across the enterprise, enhance efficiency, reduce costs, and strengthen profitability, positioning the company for long-term value creation.” A reconciliation of net income (loss) from continuing operations, a financial measure calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), to net income (loss) from ongoing operations and Consolidated EBITDA, both non-GAAP financial measures, for the three months ended March 31, 2026 and 2025, is provided in Notes (a) and (f) to the Financial Tables in this press release. OPERATIONS REVIEW Aluminum Extrusions A summary of results for Aluminum Extrusions is provided below:     Three Months Ended   Favorable/ (In thousands, except percentages)   March 31,   (Unfavorable)     2026       2025     % Change Sales volume (lbs)     35,163       37,918     (7.3)% Net sales   $ 159,457     $ 133,635     19.3% Variable costs     127,333       103,523     (23.0)% Manufacturing fixed costs1     11,800       11,214     (5.2)% Selling, general and administrative costs1     8,905       9,412     5.4% Other2     (263 )     326     NM* EBITDA from ongoing operations   $ 11,682     $ 9,160     27.5% Depreciation & amortization     (4,045 )     (4,225 )   4.3% EBIT from ongoing operations3   $ 7,637     $ 4,935     54.8% Capital expenditures   $ 4,689     $ 2,370       1. Excludes related depreciation and amortization. 2. Includes segment allocated employee-related benefit expense (income). 3. For a reconciliation of this non-GAAP measure to the most directly comparable measure calculated in accordance with GAAP, see the EBITDA from ongoing operations by segment statements in the Financial Tables in this press release.
*Not meaningful (“NM”) First Quarter 2026 Results vs. First Quarter 2025 Results Net sales (sales less freight) in the first quarter of 2026 increased 19.3% versus the first quarter of 2025 primarily due to the pass-through of higher metal costs, partially offset by lower volume. Sales volume in the first quarter of 2026 decreased 7.3% versus the first quarter of 2025 and 5.4% versus the fourth quarter of 2025. The Company reported a 6% decline in nonresidential building and construction volume, driven by higher costs and ongoing economic uncertainty. Within the specialty market, electrical shipments decreased 45% following the expiration of federal tax credits for solar panels. Also in the specialty market, TSLOTS™ shipments, representing approximately 13% of total volume, increased 70%, supported by increased demand for data-containment and data-center infrastructure. Automotive and transportation volume declined 19% as manufacturers continued to face rising cost pressures. Refer to Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2026 (“First Quarter Form 10-Q”) for sales volume by end use market for the three months ended March 31, 2026 and 2025, and the three months ended December 31, 2025. Net new orders in the first quarter of 2026 decreased 20% versus the first quarter of 2025 from an average of 3.4 million pounds per week in the first quarter of 2025 to 2.8 million pounds per week in the first quarter of 2026. The Company believes this year-over-year decline reflects both softer U.S. demand and the continued undervaluation of imported extrusions, attributed to the tariff structure associated with the increase of Section 232 tariffs on aluminum products to 50%, discussed below. Open orders at the end of the first quarter of 2026 were 19 million pounds versus 25 million pounds at the end of the first quarter of 2025 and 17 million pounds at the end of the fourth 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. Effective June 4, 2025, Section 232 tariffs on aluminum products increased to 50%, following a prior increase from 10% to 25% in March 2025, with the United Kingdom as the only exception. In April 2026, federal policymakers updated several elements of Section 232, including measures intended to close the loophole that allowed undervalued aluminum extrusions to enter the U.S. market. While these changes are expected to help restore fair competition for domestic producers, U.S. extruders have emphasized the need for clear, uniform, and predictable enforcement to avoid near-term market disruption. The Company continues to participate in a coalition of downstream aluminum manufacturers that engages with policymakers on issues affecting the competitiveness of the U.S. aluminum extrusion industry. Tariffs and duties continue to be passed through to customers under the Company’s metal-cost adjustment mechanism. The Company implemented additional price increases in the first quarter of 2026 and the third quarter of 2025 to offset tariff-related costs not covered by that mechanism. EBITDA from ongoing operations in the first quarter of 2026 increased $2.5 million versus the first quarter of 2025, primarily due to: A $2.0 million increase in contribution margin (net sales less variable costs) associated with: Pricing increases ($4.6 million) and lower manufacturing costs associated with material yield ($2.0 million favorable in the first quarter of 2026 versus $0.1 million unfavorable in the first quarter of 2025), partially offset by lower volume ($2.1 million), higher labor rates ($0.7 million), unfavorable labor productivity ($0.6 million), higher maintenance and supply expense ($0.8 million), higher freight expense ($0.4 million), higher utilities ($0.5 million), and higher die expense ($0.8 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 $2.9 million in the first quarter of 2026 versus a benefit of $1.7 million in the first quarter of 2025. Higher fixed costs primarily associated with wage increases ($0.5 million). Lower selling, general and administrative ("SG&A") expenses primarily associated with lower employee-related compensation and lower routine environmental compliance expense ($0.5 million). Lower other expense for employee-related medical costs associated with medical claims ($0.6 million). Conflict-driven disruptions in the Strait of Hormuz beginning in March 2026 have constrained shipments and raised costs, contributing to historically low U.S. inventory levels. In response to recent geopolitical tensions in the Middle East and resulting contraction of the global aluminum market, we have proactively diversified our supply chain portfolio to support long-term stability. Through the third quarter of 2026, we have successfully transitioned nearly all of our aluminum supply previously sourced from the Middle East to North American partners. Simultaneously, we are optimizing billet casting operations at our Carthage, TN, and Newnan, GA facilities to overcome localized production constraints. These strategic shifts in our supply chain and internal capabilities continue to strengthen our operational resilience, positioning the Company to meet customer demand through 2026. Refer to Item 3. Quantitative and Qualitative Disclosures About Market Risk in the First Quarter Form 10-Q for additional information on aluminum price trends. Projected Capital Expenditures and Depreciation & Amortization Capital expenditures for Bonnell Aluminum are projected to be $20 million in 2026, including $4 million for productivity projects and $16 million for capital expenditures required to support continuity of operations. Depreciation expense is projected to be $14 million in 2026. Amortization expense is projected to be $2 million in 2026. The Company anticipates capital spending to increase from the levels of the past two years and return to a pattern more closely aligned with depreciation and amortization, consistent with long-term historical patterns. This approach supports ongoing maintenance and efficiency initiatives while maintaining disciplined capital allocation. High Performance Films A summary of results for High Performance Films is provided below:     Three Months Ended   Favorable/ (In thousands, except percentages)   March 31,   (Unfavorable)     2026       2025     % Change Sales volume (lbs)     8,971       9,639     (6.9)% Net sales   $ 21,533     $ 25,537     (15.7)% Variable costs     10,422       11,977     13.0% Manufacturing fixed costs1     3,471       3,459     (0.3)% Selling, general and administrative costs1     2,593       2,592     —% Other2     (27 )     (11 )   NM* EBITDA from ongoing operations   $ 5,074     $ 7,520     (32.5)% Depreciation & amortization     (1,203 )     (1,250 )   3.8% EBIT from ongoing operations3   $ 3,871     $ 6,270     (38.3)% Capital expenditures   $ 452     $ 587       1. Excludes related depreciation and amortization. 2. Includes segment allocated employee-related benefit expense (income). 3. For a reconciliation of this non-GAAP measure to the most directly comparable measure calculated in accordance with GAAP, see the EBITDA from ongoing operations by segment statements in the Financial Tables in this press release. *Not meaningful (“NM”) First Quarter 2026 Results vs. First Quarter 2025 Results Net sales in the first quarter of 2026 decreased 15.7% versus the first quarter of 2025 due to a decrease in sales volume and unfavorable mix in surface protection films. Surface Protection sales volume decreased 17.5% in the first quarter of 2026 versus the first quarter of 2025. Sales volume for surface protection films declined in the first quarter of 2026 as expected due to a significant customer’s inventory correction and scheduled maintenance activity for another customer. Volume for advanced packaging films, which are predominantly manufactured and sold in the U.S. and used in consumer staple items, increased 5.6% in the first quarter of 2026 versus the first quarter of 2025. The top four customers comprised 87% and 91% of the net sales for High Performance Films for the first three months of 2026 and first three months of 2025, respectively. Surface Protection has not experienced an adverse impact on customer demand related to tariff actions; however, the situation remains fluid and the impact on consumer electronics is uncertain. EBITDA from ongoing operations in the first quarter of 2026 decreased $2.4 million versus the first quarter of 2025, primarily due to: A decrease in contribution margin of $2.4 million resulting from: A $2.8 million decrease from Surface Protection associated with lower volume and unfavorable mix ($3.4 million), partially offset by cost improvements and favorable productivity ($0.6 million). A $0.4 million increase from advanced packaging films primarily due to higher volume, favorable mix and unfavorable pricing ($0.5 million), partially offset by unfavorable productivity ($0.1 million). Lower SG&A expense associated with lower employee-related compensation ($0.3 million). A foreign currency transaction loss of $0.3 million in the first quarter of 2026 versus no gain or loss in the first quarter of 2025. Although the conflict-driven disruptions in the Strait of Hormuz beginning in March 2026 have caused an increase to resin costs, High Performance Films maintains pass-through mechanisms with customers and has not experienced supply issues to date. Refer to Item 3. Quantitative and Qualitative Disclosures About Market Risk in the First Quarter Form 10-Q for additional information on resin price trends. Projected Capital Expenditures and Depreciation & Amortization Capital expenditures for High Performance Films are projected to be $2 million in 2026, including $1 million for productivity projects and $1 million for capital expenditures required to support continuity of current operations. Depreciation expense is projected to be $4 million in 2026. There is no amortization expense for High Performance Films. Corporate Expenses, Interest, Taxes and Other Corporate expenses, net in the first three months of 2026 decreased $2.9 million compared to the first three months of 2025 due to lower professional fees associated with business development activities ($2.9 million). The Company does not expect significant expenses from business development activities in 2026. Interest expense was $0.4 million in the first three months of 2026 in comparison to $1.0 million in the first three months of 2025. The decrease was primarily due to lower weighted average total debt outstanding and lower interest rates. The effective tax rate used to compute income taxes (benefit) from continuing operations in the first three months of 2026 was 16.9% compared to 46.2% in the first three months of 2025. The effective tax rate for the first three months of 2026 varies from the statutory rate of 21% due to research and development tax credits while the effective tax rate for the first three months of 2025 varies from the statutory rate due to a mix of lower pre-tax income and higher nondeductible discrete items as a percentage of pre-tax income. See Note (d) to Financial Tables in this Press Release for information related to the effective tax rate from ongoing operations. Debt, Financial Leverage and Debt Covenants Total debt was $46.3 million at March 31, 2026 and $35.1 million at December 31, 2025. Cash and cash equivalents were $15.6 million at March 31, 2026 and $6.7 million at December 31, 2025. Net debt (total debt in excess of cash and cash equivalents), a non-GAAP financial measure, was $30.7 million at March 31, 2026 and $28.4 million at December 31, 2025. See Note (e) to the Financial Tables in this Press Release for a reconciliation of net debt to the most directly comparable GAAP financial measure. Total debt increased $11.2 million and net debt increased $2.3 million in the first three months of 2026 versus the end of 2025 due to higher net working capital of $9.5 million from seasonally low levels at the end of last year, higher metal costs, and raw material stocking as a result of the geopolitical uncertainty impacting aluminum-related supply chains. As of March 31, 2026, 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 a portion of trade accounts receivable, inventory, cash and cash equivalents, and owned machinery and equipment. As of March 31, 2026, funds available to borrow under the ABL Facility were approximately $76 million. The median daily liquidity under the ABL Facility during the first quarter of 2026 was $87 million compared with a median of $82 million during the fourth quarter of 2025. Refer to Note 7 to the Company’s Consolidated Financial Statements in Part IV, Item 15 of Tredegar’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional details on the primary debt covenants. FORWARD-LOOKING AND CAUTIONARY STATEMENTS Some of the information contained in this press release may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. When the Company uses the words “believe,” “estimate,” “anticipate,” “appear to,” “expect,” “project,” “plan,” “likely,” “may” and similar expressions, it does so to identify forward-looking statements. Such statements are based on the Company's then current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. Factors that could cause actual results to differ materially from expectations include, without limitation, the following: the impact of trade policies and prolonged geopolitical conflicts on raw materials and supply chain constraints; the impact of macroeconomic factors, such as inflation, interest rates and recession risks; an increase in the operating costs incurred by the Company’s business units, including, for example, the cost of raw materials and energy; noncompliance with any of the financial and other restrictive covenants in the ABL Facility; failure to continue to attract, develop and retain certain key officers or employees; disruptions to the Company’s manufacturing facilities, including those resulting from labor shortages; an information technology system failure or breach; risks of doing business in countries outside the U.S. that affect our international operations; the impact of public health epidemics on employees, production and the global economy; political, economic and regulatory factors concerning the Company’s products; the impact of the imposition of tariffs and sanctions on imported aluminum ingot used by Bonnell Aluminum; inability to replace aging equipment and information technology systems with necessary capital expenditures; inability to develop, efficiently manufacture and deliver new products at competitive prices; loss of sales to significant customers on which the Company’s business is highly dependent; inability to achieve sales to new customers to replace lost business; failure of the Company’s customers to achieve success or maintain market share; failure to protect our intellectual property rights; and the other factors discussed in the reports Tredegar files with or furnishes to the Securities and Exchange Commission (the “SEC”) from time to time, including the risks and important factors set forth in additional detail in Part I, Item 1A. Risk Factors of the Company’s Form 10-K for the year ended December 31, 2025. Readers are urged to review and consider carefully the disclosures Tredegar makes in its filings with the SEC. Tredegar does not undertake, and expressly disclaims any duty, to update any forward-looking statement made in this press release to reflect any change in management’s expectations or any change in conditions, assumptions or circumstances on which such statements are based, except as required by applicable law. To the extent that the financial information portion of this press release contains non-GAAP financial measures, it also presents both the most directly comparable financial measures calculated and presented in accordance with GAAP and a quantitative reconciliation of the difference between any such non-GAAP measures and such comparable GAAP financial measures. Reconciliations of non-GAAP financial measures are provided in the Notes to the Financial Tables included with this press release and can also be found within “Presentations” in the “Investors” section of our website, www.tredegar.com. Tredegar uses its website as a channel of distribution of material company information. Financial information and other material information regarding Tredegar is posted on and assembled in the “Investors” section of its website. Tredegar Corporation is an industrial manufacturer with two primary businesses: custom aluminum extrusions for the North American building & construction, automotive and specialty end-use markets and films for highly engineered surface protection applications in the global electronics industry and advanced packaging. With approximately 1,700 employees, the Company operates manufacturing facilities in North America and Asia. Tredegar Corporation Condensed Consolidated Statements of Income (In Thousands, Except Per-Share Data) (Unaudited)     Three Months Ended     March 31,       2026     2025   Sales   $ 186,489   $ 164,738   Other income (expense), net (c) (d)     44     (10 )       186,533     164,728             Cost of goods sold (c)     157,496     135,643   Freight     5,499     5,566   Selling, R&D and general expenses (c)     16,592     20,825   Amortization of identifiable intangibles     440     440   Pension and postretirement benefits     39     (25 ) Interest expense     359     1,013   Asset impairments and costs associated with exit and disposal activities, net of adjustments (c)     6     18         180,431     163,480   Income (loss) from continuing operations before income taxes     6,102     1,248   Income tax expense (benefit) (c)     1,032     577   Net income (loss) from continuing operations     5,070     671   Income (loss) from discontinued operations, net of tax     591     9,430   Net income (loss)   $ 5,661   $ 10,101             Earnings (loss) per share:         Basic:         Continuing operations   $ 0.15   $ 0.02   Discontinued operations     0.02     0.27   Basic earnings (loss) per share   $ 0.17   $ 0.29   Diluted:         Continuing operations   $ 0.15   $ 0.02   Discontinued operations     0.02     0.27   Diluted earnings (loss) per share   $ 0.17   $ 0.29             Shares used to compute earnings (loss) per share:         Basic     34,696     34,612   Diluted     34,696     34,612   Tredegar Corporation Net Sales and EBITDA from Ongoing Operations by Segment (In Thousands) (Unaudited)     Three Months Ended     March 31,       2026       2025   Net Sales         Aluminum Extrusions   $ 159,457     $ 133,635   High Performance Films     21,533       25,537   Total net sales     180,990       159,172   Add back freight     5,499       5,566   Sales as shown in the condensed consolidated statements of income   $ 186,489     $ 164,738             EBITDA from Ongoing Operations (f)         Aluminum Extrusions:         Ongoing operations:         EBITDA (b)   $ 11,682     $ 9,160   Depreciation & amortization     (4,045 )     (4,225 ) EBIT (b)     7,637       4,935   Plant shutdowns, asset impairments, restructurings and other (c)     (222 )     (1,167 ) High Performance Films:         Ongoing operations:         EBITDA (b)   $ 5,074     $ 7,520   Depreciation & amortization     (1,203 )     (1,250 ) EBIT (b)     3,871       6,270   Total     11,286       10,038   Interest income     10       5   Interest expense     359       1,013   Corporate expenses, net (c)     4,835       7,782   Income (loss) from continuing operations before income taxes     6,102       1,248   Income tax expense (benefit)     1,032       577   Net income (loss) from continuing operations     5,070       671   Income (loss) from discontinued operations, net of tax     591       9,430   Net income (loss)   $ 5,661     $ 10,101   Tredegar Corporation Condensed Consolidated Balance Sheets (In Thousands) (Unaudited)     March 31, 2026   December 31, 2025 Assets         Cash and cash equivalents   $ 15,611   $ 6,729 Accounts and other receivables, net     93,701     81,811 Income taxes recoverable     —     47 Inventories     84,076     64,962 Prepaid expenses & other     9,880     15,525 Total current assets     203,268     169,074 Property, plant & equipment, net     133,076     132,975 Right-of-use leased assets     12,221     12,764 Identifiable intangible assets, net     5,128     5,568 Goodwill     22,446     22,446 Deferred income taxes     25,623     26,277 Other assets     1,881     2,268 Total assets   $ 403,643   $ 371,372 Liabilities and Shareholders’ Equity         Accounts payable   $ 96,444   $ 75,754 Accrued expenses     18,414     25,411 Lease liability, short-term     2,138     2,263 Short-term debt     506     498 Income taxes payable     842     455 Total current liabilities     118,344     104,381 Lease liability, long-term     10,444     10,960 ABL revolving facility     45,800     34,550 Pension and other postretirement benefit obligations, net     1,294     1,196 Other non-current liabilities     3,966     3,731 Shareholders’ equity     223,795     216,554 Total liabilities and shareholders’ equity   $ 403,643   $ 371,372 Tredegar Corporation Condensed Consolidated Statements of Cash Flows (In Thousands) (Unaudited)     Three Months Ended March 31,       2026       2025   Cash flows from operating activities:         Net income (loss)   $ 5,661     $ 10,101   Adjustments for noncash items:         Depreciation     4,856       5,086   Amortization of intangibles     440       440   Reduction of right-of-use leased assets     543       529   Deferred income taxes     429       407   Accrued pension and postretirement benefits     39       80   Stock-based compensation expense     454       472   Gain on sale of divested business     (565 )     (9,657 ) Changes in assets and liabilities:         Accounts and other receivables     (11,888 )     (14,931 ) Inventories     (19,105 )     (17,513 ) Income taxes recoverable/payable     436       (71 ) Prepaid expenses and other     6,739       7,174   Accounts payable and accrued expenses     13,956       12,687   Lease liability     (640 )     (616 ) Pension and postretirement benefit plan contributions     (26 )     (152 ) Other, net     624       958   Net cash provided by (used in) operating activities     1,953       (5,006 ) Cash flows from investing activities:         Capital expenditures     (5,141 )     (2,957 ) Proceeds from the sale of Terphane     565       9,835   Net cash (used in) provided by investing activities     (4,576 )     6,878   Cash flows from financing activities:         Borrowings     49,950       33,750   Debt principal payments     (38,700 )     (39,047 ) Net cash provided by (used in) financing activities     11,250       (5,297 ) Effect of exchange rate changes on cash     255       20   Increase (decrease) in cash and cash equivalents     8,882       (3,405 ) Cash and cash equivalents at beginning of period     6,729       7,062   Cash and cash equivalents at end of period   $ 15,611     $ 3,657   Notes to the Financial Tables (Unaudited) (a) Tredegar’s presentation of net income (loss) and diluted earnings (loss) per share from ongoing operations are non-GAAP financial measures that exclude the effects of gains or losses associated with plant shutdowns, asset impairments and restructurings, gains or losses from the sale of assets, goodwill impairment charges, discontinued operations, net periodic benefit cost for the frozen defined benefit pension plan prior to termination and other items (which includes gains and losses for an investment accounted for under the fair value method) which have been presented separately and removed from net income (loss) from continuing operations and diluted earnings (loss) per share as reported under GAAP. Net income (loss) and diluted earnings (loss) per share from ongoing operations are key financial and analytical measures used by management to gauge the operating performance of Tredegar’s ongoing operations. They are not intended to represent the stand-alone results for Tredegar’s ongoing operations under GAAP and should not be considered as an alternative to net income (loss) from continuing operations or earnings (loss) per share as defined by GAAP. They exclude items that management believes do not relate to Tredegar’s ongoing operations. A reconciliation to net income (loss) and diluted earnings (loss) per share from ongoing operations for the three months ended March 31, 2026 and 2025 is shown below:     Three Months Ended March 31, (In millions, except per share data)     2026       2025 Net income (loss) from continuing operations as reported under GAAP1   $ 5.1     $ 0.7 After-tax effects of:         (Gains) losses from sale of assets and other:         Other     (0.1 )     2.9 Net income (loss) from ongoing operations1   $ 5.0     $ 3.6           Earnings (loss) from continuing operations per share as reported under GAAP (diluted)   $ 0.15     $ 0.02 After-tax effects per diluted share of:         (Gains) losses from sale of assets and other:         Other     —       0.08 Earnings (loss) per share from ongoing operations (diluted)   $ 0.15     $ 0.10 1. Reconciliations of the pre-tax and post-tax balances attributed to net income (loss) are shown in Note (d). (b) EBITDA (earnings before interest, taxes, depreciation and amortization) from ongoing operations is the key segment profitability metric used by the Company’s chief operating decision maker (“CODM”) to assess segment financial performance. The Company uses sales less freight (“net sales”) as its measure of revenues from external customers at the segment level. For more business segment information, see Note 9 to the Company’s Condensed Consolidated Financial Statements in the First Quarter Form 10-Q.   EBIT (earnings before interest and taxes) from ongoing operations is a non-GAAP financial measure included in the accompanying tables and the reconciliation of segment financial information to consolidated results for the Company in the net sales and EBITDA from ongoing operations by segment statements. It is not intended to represent the stand-alone results for Tredegar’s ongoing operations under GAAP and should not be considered as an alternative to net income (loss) as defined by GAAP. The Company believes that EBIT is a widely understood and utilized metric that is meaningful to certain investors and that including this financial metric in the reconciliation of management’s performance metric, EBITDA from ongoing operations, provides useful information to those investors that primarily utilize EBIT to analyze the Company’s core operations.   (c) Gains and losses associated with plant shutdowns, asset impairments, restructurings and other items for the three months ended March 31, 2026 and 2025 detailed below are shown in the statements of net sales and EBITDA from ongoing operations by segment and are included in “Asset impairments and costs associated with exit and disposal activities, net of adjustments” in the condensed consolidated statements of income, unless otherwise noted.   Three Months Ended
March 31, 2026 (In millions) Pre-Tax Net of Tax Aluminum Extrusions:     (Gains) losses from sale of assets, investment writedowns and other items:     Consulting expenses for ERP/MES project1 $ 0.3   $ 0.3   Legal fees associated with the Aluminum Extruders Trade Case and other matters1   (0.1 )   (0.1 ) Total for Aluminum Extrusions $ 0.2   $ 0.2   Corporate:     (Gain) losses from sale of assets, investment writedowns and other items:     Professional fees associated with business development activities1 $ (0.4 ) $ (0.3 ) Professional fees associated with the transition to the ABL Facility1   0.1     —   Total for Corporate $ (0.3 ) $ (0.3 ) 1. Included in “Selling, R&D and general expenses” in the condensed consolidated statements of income.   Three Months Ended
March 31, 2025 (In millions) Pre-Tax Net of Tax Aluminum Extrusions:     (Gains) losses from sale of assets, investment writedowns and other items:     Consulting expenses for ERP/MES project1 $ 0.4   $ 0.3   Legal fees associated with the Aluminum Extruders Trade Case and other matters1   0.3     0.3   Aluminum premium charge as a result of unplanned maintenance interruptions2   0.3     0.2   Total for Aluminum Extrusions $ 1.0   $ 0.8   Corporate:     (Gain) losses from sale of assets, investment writedowns and other items:     Professional fees associated with business development activities1 $ 2.5   $ 2.0   Professional fees associated with remediation activities related to internal control over financial reporting1   0.2     0.1   Group annuity contract premium adjustment3   0.1     —   Professional fees associated with the transition to the ABL Facility1   0.1     0.1   Proceeds on the sale of corporate-owned land3   (0.1 )   (0.1 ) Total for Corporate $ 2.8   $ 2.1   1. Included in “Selling, R&D and general expenses” in the condensed consolidated statements of income. 2. Included in “Cost of Goods Sold” in the condensed consolidated statements of income. 3. Included in “Other income (expense), net” in the condensed consolidated statements of income. (d) For discussion on Tredegar’s presentation of net income (loss) from ongoing operations, please refer to Note (a) above. Reconciliations of the pre-tax and post-tax balances attributed to net income (loss) from ongoing operations for the three months ended March 31, 2026 and 2025 are shown below in order to show the impact on the effective tax rate: (In millions) Pre-Tax   Taxes Expense (Benefit)   After-Tax   Effective Tax Rate Three Months Ended March 31, 2026 (a)   (b)       (b)/(a) Net income (loss) from continuing operations as reported under GAAP $ 6.1     $ 1.0   $ 5.1     16.9 % (Gains) losses from sale of assets and other   (0.1 )     —     (0.1 )     Net income (loss) from ongoing operations $ 6.0     $ 1.0   $ 5.0     16.9 % Three Months Ended March 31, 2025               Net income (loss) from continuing operations as reported under GAAP $ 1.2     $ 0.5   $ 0.7     46.2 % (Gains) losses from sale of assets and other   3.8       0.9     2.9       Net income (loss) from ongoing operations $ 5.0     $ 1.4   $ 3.6     28.0 % (e) Net debt is calculated as follows: (In millions)   March 31,   December 31,   2026   2025 Short-term debt   $ 0.5   $ 0.5 ABL revolving facility     45.8     34.6 Total debt     46.3     35.1 Less: Cash and cash equivalents     15.6     6.7 Net debt   $ 30.7   $ 28.4 Net debt is not intended to represent total debt as defined by GAAP. Net debt is utilized by management in evaluating the Company’s financial leverage and equity valuation, and management believes that investors also may find net debt to be helpful for the same purposes. Net leverage ratio is a non-GAAP financial measure. It is not intended to represent the stand-alone results for Tredegar under GAAP and should not be considered as an alternative to net income (loss) and total debt as defined by GAAP. Net leverage ratio is utilized by management in evaluating the Company’s financial leverage, and management believes that investors also may find the net leverage ratio to be helpful for the same purposes. In addition, earnings before interest, taxes, depreciation and amortization as defined in the ABL Facility ("Credit EBITDA") is provided below.   As of or for Twelve Months
Ended March 31, 20261   As of or for Twelve Months
Ended December 31, 20251 ($ in millions)   Net debt $ 30.7   $ 28.4 Credit EBITDA2 $ 60.0   $ 60.1 Net leverage ratio   0.5     0.5 1. Actual Credit EBITDA amounts are for the twelve months ended March 31, 2026 and December 31, 2025, and actual net debt amounts are as of March 31, 2026 and December 31, 2025. 2. See Note (g) for more information. (f) Tredegar’s presentation of Consolidated EBITDA from ongoing operations is a non-GAAP financial measure that excludes the effects of gains or losses associated with plant shutdowns, asset impairments and restructurings, gains or losses from the sale of assets, goodwill impairment charges, discontinued operations, net periodic benefit cost for the frozen defined benefit pension plan and other items (which includes gains and losses for an investment accounted for under the fair value method). Consolidated EBITDA from ongoing operations also excludes depreciation & amortization, stock option-based compensation costs, interest and income taxes. Consolidated EBITDA is a key financial and analytical measure used by management to gauge the operating performance of Tredegar’s ongoing operations. It is not intended to represent the stand-alone results for Tredegar’s ongoing operations under GAAP and should not be considered as an alternative to net income (loss) or earnings (loss) per share as defined by GAAP. It excludes items that management believes do not relate to Tredegar’s ongoing operations. A reconciliation of Consolidated EBITDA from ongoing operations for the three months ended March 31, 2026 and 2025 is shown below:   Three Months Ended March 31, ($ in millions)   2026       2025 Net income (loss) from continuing operations as reported under GAAP1 $ 5.1     $ 0.7 After-tax effects of:       (Gains) losses from sale of assets and other   (0.1 )     2.9 Net income (loss) from ongoing operations1   5.0       3.6 Depreciation and amortization   5.3       5.5 Interest expense   0.4       1.0 Income taxes from ongoing operations1   1.0       1.4 Consolidated EBITDA from ongoing operations $ 11.7     $ 11.5 1. Reconciliations of the pre-tax and post-tax balances attributed to net income (loss) from continuing operations are shown in Note (d). (g) The computation of Credit EBITDA and fixed coverage charge ratio, as defined in the ABL Facility, is presented below. Computations of Credit EBITDA (as defined in the ABL Facility) as of and for the Twelve Months Ended March 31, 2026 * Computations of Credit EBITDA for the twelve months ended March 31, 2026 (in thousands): Net income (loss) $ 29,036   Plus:   After-tax losses related to discontinued operations   —   Total income tax expense for continuing operations   7,039   Interest expense   3,349   Depreciation and amortization expense for continuing operations   21,499   All non-cash losses and expenses, plus cash losses and expenses not to exceed $10,000, for continuing operations that are classified as unusual, extraordinary or which are related to plant shutdowns, asset impairments and/or restructurings (cash-related of $4,790)   5,635   Charges related to stock option grants and awards accounted for under the fair value-based method   —   Losses related to the application of the equity method of accounting   —   Losses related to adjustments in the estimated fair value of assets accounted for under the fair value method of accounting   —   Fees, costs and expenses incurred in connection with the amendment process (Amendment No. 3 “ABL Transition”)   266   Fees, costs and expenses incurred in connection with the amendment process (Amendment No. 5)   —   Minus:   After-tax income related to discontinued operations   (552 ) Total income tax benefits for continuing operations   —   Interest income   (41 ) All non-cash gains and income, plus cash gains and income in excess of $10,000, for continuing operations that are classified as unusual, extraordinary or which are related to plant shutdowns, asset impairments and/or restructurings   (6,265 ) Income related to changes in estimates for stock option grants and awards accounted for under the fair value-based method   —   Income related to the application of the equity method of accounting   —   Income related to adjustments in the estimated fair value of assets accounted for under the fair value method of accounting   —   Plus or minus, as applicable, pro forma EBITDA adjustments associated with acquisitions and asset dispositions   —   Credit EBITDA $ 59,966   Fixed charge coverage ratio**:   Credit EBITDA $ 59,966   Unfinanced capital expenditures $ 19,425   Fixed charges $ 3,935   Fixed charge coverage ratio   10.30   * Credit EBITDA is not intended to represent net income (loss) or cash flow from operations as defined by GAAP and should not be considered as an alternative to either net income (loss) or to cash flow. ** Fixed Charge Coverage Ratio is computed as the ratio of (a) Credit EBITDA minus Unfinanced Capital Expenditures to (b) Fixed Charges.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260508085368/en/ Tredegar Corporation
Neill Bellamy, 804-330-1211 Original: Tredegar Reports First Quarter 2026 Results

Tredegar Reports Fourth Quarter and Full Year 2025 ResultsMarch 11, 2026 8:15 AM
Business Wire
Tredegar Corporation (NYSE:TG, also the “Company” or “Tredegar”) today reported fourth quarter and full year financial results for the period ended December 31, 2025.


Fourth quarter 2025 net income (loss) from continuing operations was $14.5 million ($0.42 per diluted share) compared to $(7.3) million ($(0.21) per diluted share) in the fourth quarter of 2024. Net income (loss) from ongoing operations, which excludes special items, was $11.0 million ($0.32 per diluted share) in the fourth quarter of 2025 compared to $2.0 million ($0.06 per diluted share) in the fourth quarter of 2024.


Full year 2025 net income (loss) from continuing operations was $24.1 million ($0.69 per diluted share) compared to $1.0 million ($0.03 per diluted share) in 2024. Net income (loss) from ongoing operations was $25.7 million ($0.74 per diluted share) in 2025 compared to $17.2 million ($0.50 per diluted share) in 2024. A reconciliation of net income (loss) from continuing operations, a financial measure calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), to net income (loss) from ongoing operations, a non-GAAP financial measure, for the three months and year ended December 31, 2025 and 2024, is provided in Note (a) to the Financial Tables in this press release.


In the fourth quarter of 2025, the Company renamed the segment formerly known as “PE Films.” This segment will be referred to as “High Performance Films” going forward. The product previously known as polyethylene overwrap films was renamed to advanced packaging films. There were no changes to the operations reported within the High Performance Films segment. The Company continues to have two reportable segments: Aluminum Extrusions and High Performance Films.


Fourth Quarter Financial Results Highlights



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 Films 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.






Arijit (Bapi) DasGupta, Tredegar’s president and chief executive officer, said, “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.”


Dr. DasGupta continued, “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.”


Dr. DasGupta added, “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.”


OPERATIONS REVIEW


Aluminum Extrusions


Aluminum Extrusions (or Bonnell Aluminum) produces high-quality, soft-alloy and medium-strength custom fabricated and finished aluminum extrusions primarily for the following markets: building and construction (“B&C”), automotive, and specialty (which consists of consumer durables, machinery and equipment, electrical and renewable energy, and distribution end-use products). A summary of results for Aluminum Extrusions is provided below:




 






 






Three Months Ended






 






Favorable/






 






Year Ended






 






Favorable/








(In thousands, except percentages)






 






December 31,






 






(Unfavorable)






 






December 31,






 






(Unfavorable)








 






2025






 






2024






 






% Change






 






2025






 






2024






 






% Change








Sales volume (lbs)






 






 






37,159






 






 






 






35,849






 






 






3.7






%






 






 






157,071






 






 






 






139,152






 






 






12.9






%








Net sales






 






$






154,505






 






 






$






122,462






 






 






26.2






%






 






$






598,975






 






 






$






471,815






 






 






27.0






%








Variable costs






 






 






110,206






 






 






 






91,423






 






 






(20.5






)%






 






 






454,249






 






 






 






354,397






 






 






(28.2






)%








Last-in first-out inventory adjustment






 






 






6,741






 






 






 






1,234






 






 






NM*






 






 






 






6,741






 






 






 






1,234






 






 






NM*









Manufacturing fixed costs1






 






 






11,522






 






 






 






10,364






 






 






(11.2






)%






 






 






46,402






 






 






 






40,123






 






 






(15.6






)%








Selling, general and administrative costs1






 






 






9,972






 






 






 






9,319






 






 






(7.0






)%






 






 






38,461






 






 






 






33,638






 






 






(14.3






)%








Other2






 






 






355






 






 






 






389






 






 






8.7






%






 






 






2,164






 






 






 






1,066






 






 






(103.0






)%








EBITDA from ongoing operations






 






$






15,709






 






 






$






9,733






 






 






61.4






%






 






$






50,958






 






 






$






41,357






 






 






23.2






%








Depreciation & amortization






 






 






(4,131






)






 






 






(4,330






)






 






4.6






%






 






 






(16,640






)






 






 






(17,722






)






 






6.1






%








EBIT from ongoing operations3






 






$






11,578






 






 






$






5,403






 






 






114.3






%






 






$






34,318






 






 






$






23,635






 






 






45.2






%








Capital expenditures






 






$






7,556






 






 






$






5,635






 






 






 






 






$






15,392






 






 






$






10,097






 






 






 








1. Excludes related depreciation and amortization




2. Includes segment allocated employee compensation benefit expenses




3. For a reconciliation of this non-GAAP measure to the most directly comparable measure calculated in accordance with GAAP, see the EBITDA from ongoing operations by segment statements in the Financial Tables in this press release.




*Not meaningful (“NM”)







The following table presents the sales volume by end use market for the three months and years ended December 31, 2025 and 2024, and the three months ended September 30, 2025.




 






 






Three Months Ended

December 31,






 






Favorable/

(Unfavorable)






 






Three Months Ended

September 30,






 






Favorable/

(Unfavorable)






 






Year Ended

December 31,






 






Favorable/

(Unfavorable)








(In millions of lbs)






 






 






 






 






 






 








 






2025






 






2024






 






% Change






 






2025






 






% Change






 






2025






 






2024






 






% Change








Sales volume by end-use market:






 






 






 






 






 






 






 






 






 






 






 






 








Non-residential B&C






 






19.7






 






18.2






 






8.2






%






 






22.3






 






(11.7






)%






 






83.9






 






77.3






 






8.5






%








Residential B&C






 






2.2






 






2.4






 






(8.3






)%






 






2.3






 






(4.3






)%






 






8.7






 






8.6






 






1.2






%








Automotive






 






2.8






 






2.6






 






7.7






%






 






2.9






 






(3.4






)%






 






11.9






 






12.0






 






(0.8






)%








Specialty products






 






12.5






 






12.6






 






(0.8






)%






 






13.8






 






(9.4






)%






 






52.6






 






41.3






 






27.4






%








Total






 






37.2






 






35.8






 






3.7






%






 






41.3






 






(9.9






)%






 






157.1






 






139.2






 






12.9






%







Fourth Quarter 2025 Results vs. Fourth Quarter 2024 Results


Net sales (sales less freight) in the fourth quarter of 2025 increased 26.2% versus the fourth quarter of 2024 primarily due to higher sales volume and the pass-through of higher metal costs. Sales volume in the fourth quarter of 2025 increased 3.7% versus the fourth quarter of 2024 and decreased 9.9% versus the third quarter of 2025. The Company increased shipments for curtainwall, storefront and windows within the nonresidential B&C market versus the fourth quarter of 2024. Within the specialty market, shipments for consumer durables, distribution products and TSLOTSTM aluminum framing systems increased; shipments for solar panel products within the electrical product group decreased versus the fourth quarter of last year. Annual growth in shipments for TSLOTSTM aluminum framing systems was primarily associated with increased demand for infrastructure associated with data containment and data centers.


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 below. 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.


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 and the first quarter of 2026 to help offset other tariff-related cost increases that are not part of the metal cost pass-through mechanism.


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.


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 “Quarterly 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 ("SG&A") expenses primarily associated with employee-related compensation ($0.7 million).



Full Year 2025 Results vs. Full Year 2024 Results


Net sales in 2025 increased 27.0% versus 2024 primarily due to higher sales volume and the pass-through of higher metal costs. Sales volume increased 12.9% versus 2024.


EBITDA from ongoing operations increased $9.6 million in 2025 versus 2024, primarily due to:



A $27.3 million increase in contribution margin associated with:


Higher volume ($14.6 million), favorable pricing ($5.6 million) and lower manufacturing costs associated with material yield ($0.8 million favorable in 2025 versus $0.5 million favorable in 2024), partially offset by: higher labor rates ($3.1 million); unfavorable productivity ($1.2 million); higher maintenance and supply expense, partially due to the impact of tariffs and severe weather and downed equipment in the first half of 2025 ($2.2 million); higher expense for externally produced billet associated with the increase in volume ($0.9 million); higher die expense associated with timing of purchases and increasing volumes ($1.0 million), and higher utilities ($0.9 million); and



The timing of the flow-through under the FIFO method of aluminum raw material 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 $8.7 million in 2025 versus a benefit of $0.1 million in 2024.






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



Higher fixed costs primarily associated with wage increases and compensation-related costs ($2.9 million), higher maintenance and utilities expenses ($1.5 million) and added resources to support increasing volume ($1.2 million).



Higher SG&A expenses primarily due to employee-related compensation ($3.2 million), employee training and onboarding expense ($0.5 million) and routine environmental compliance expense ($0.3 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 ($1.1 million). The Company is self-insured for medical claims with stop loss coverage for claims of over $0.3 million.



Given recent increased geopolitical tensions in the Middle East, Aluminum Extrusions is monitoring potential implications for the availability of certain aluminum-related raw materials in 2026 and evaluating whether diversifying its sourcing may be warranted. Aluminum Extrusions maintains robust supply agreements that support the continuity of aluminum and other key cost components. See discussion of Quantitative and Qualitative Disclosures about Market Risk in Part II, Item 7a of the 2025 Form 10-K for additional information on aluminum price trends.


Projected Capital Expenditures and Depreciation & Amortization


Capital expenditures for Bonnell Aluminum are projected to be $20 million in 2026, including $7 million for productivity projects and $13 million for capital expenditures required to support continuity of operations. Depreciation expense is projected to be $14 million in 2026. Amortization expense is projected to be $2 million in 2026. The Company anticipates capital spending to increase from the levels of the past two years and return to a pattern more closely aligned with depreciation and amortization, consistent with long-term historical patterns. This approach supports ongoing maintenance and efficiency initiatives while maintaining disciplined capital allocation.


High Performance Films


High Performance Films produces surface protection films, advanced packaging films and films for other markets. A summary of results for High Performance Films is provided below:




 






 






Three Months Ended






 






Favorable/






 






Year Ended






 






Favorable/








(In thousands, except percentages)






 






December 31,






 






(Unfavorable)






 






December 31,






 






(Unfavorable)








 






2025






 






2024






 






% Change






 






2025






 






2024






 






% Change








Sales volume (lbs)






 






 






9,234






 






 






 






9,101






 






 






1.5






%






 






 






38,328






 






 






 






39,324






 






 






(2.5






)%








Net sales






 






$






23,739






 






 






$






26,388






 






 






(10.0






)%






 






$






99,756






 






 






$






105,199






 






 






(5.2






)%








Variable costs






 






 






11,009






 






 






 






12,767






 






 






13.8






%






 






 






46,596






 






 






 






50,289






 






 






7.3






%








LIFO inventory adjustment






 






 






212






 






 






 






(174






)






 






NM*






 






 






 






212






 






 






 






(174






)






 






NM*






 








Manufacturing fixed costs1






 






 






3,647






 






 






 






3,416






 






 






(6.8






)%






 






 






14,134






 






 






 






13,248






 






 






(6.7






)%








Selling, general and administrative costs1






 






 






3,198






 






 






 






2,765






 






 






(15.7






)%






 






 






11,618






 






 






 






11,245






 






 






(3.3






)%








Other2






 






 






(10






)






 






 






41






 






 






124.4






%






 






 






59






 






 






 






105






 






 






43.8






%








EBITDA from ongoing operations






 






$






5,683






 






 






$






7,573






 






 






(25.0






)%






 






$






27,137






 






 






$






30,486






 






 






(11.0






)%








Depreciation & amortization






 






 






(1,190






)






 






 






(1,256






)






 






5.3






%






 






 






(4,895






)






 






 






(5,200






)






 






5.9






%








EBIT from ongoing operations3






 






$






4,493






 






 






$






6,317






 






 






(28.9






)%






 






$






22,242






 






 






$






25,286






 






 






(12.0






)%








Capital expenditures






 






$






438






 






 






$






634






 






 






 






 






$






1,849






 






 






$






1,761






 






 






 








1. Excludes related depreciation and amortization




2. Includes segment allocated employee compensation benefit expenses




3. For a reconciliation of this non-GAAP measure to the most directly comparable measure calculated in accordance with GAAP, see the EBITDA from ongoing operations by segment statements in the Financial Tables in this press release.




*Not meaningful (“NM”)







Fourth Quarter 2025 Results vs. Fourth Quarter 2024 Results


Net sales in the fourth quarter of 2025 decreased 10.0% versus the fourth quarter of 2024, primarily due to a decrease in sales in surface protection films. Surface Protection sales volume decreased 8.0% in the fourth quarter of 2025 versus the fourth quarter of 2024. Sales volumes for surface protection films, which were supported by strong customer performance throughout 2024 and 2025, began to moderate in the fourth quarter of 2025, as the Company had expected. Volume trends for surface protection films are expected to further moderate in the first quarter of 2026. Volume for advanced packaging films, which are predominantly manufactured and sold in the U.S. and used in consumer staples, increased 16% in the fourth quarter of 2025 due to higher volume in lower-margin business.


To date, Surface Protection has not experienced an adverse impact on customer demand related to tariff actions; however, the situation remains fluid and the impact on consumer electronics is uncertain.


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.



There have been significant cyclical swings in the sales volume and EBITDA from ongoing operations for High Performance 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 4 years has averaged approximately $5.0 million per quarter. The top four customers comprised 88% of the net sales for High Performance Films for 2025 and 2024.


Full Year 2025 Results vs. Full Year 2024 Results


Net sales in 2025 decreased 5.2% versus 2024 due to a decrease of 4% in sales volume in 2025 for surface protection films versus 2024. Advanced packaging films volume decreased 1%.


EBITDA from ongoing operations in 2025 decreased $3.3 million versus 2024 primarily due to:



Lower contribution margin of $1.8 million resulting from:


A $1.0 million decrease from Surface Protection associated with lower volume, unfavorable mix and favorable pricing ($4.5 million), partially offset by variable cost savings and operating efficiencies ($3.1 million) and the pass-through lag associated with resin costs (a charge of $0.2 million in 2025 versus a charge of $0.7 in 2024); and



A $0.8 million decrease from advanced packaging films associated with lower volume, unfavorable shift in sales mix and unfavorable pricing ($1.0 million) and unfavorable operating efficiencies ($0.5 million), partially offset by variable cost savings ($0.5 million) and the pass-through lag associated with resin costs (a charge of $0.1 million in 2025 versus a charge of $0.3 million in 2024).






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



Higher fixed costs primarily associated with wage increases and compensation-related costs ($0.9 million).



Lower SG&A of $0.2 million primarily due to lower administrative costs.



A foreign currency transaction loss of $0.3 million in 2025 versus a gain of $0.3 million in 2024.



Refer to Part II, Item 7a. Quantitative and Qualitative Disclosures About Market Risk in the 2025 Form 10-K for additional information on resin price trends.


Projected Capital Expenditures and Depreciation & Amortization


Capital expenditures for High Performance Films are projected to be $3 million in 2026, including $1 million for productivity projects and $2 million for capital expenditures required to support continuity of current operations. Depreciation expense is projected to be $4 million in 2026. There is no amortization expense for High Performance Films.


Corporate Expenses, Interest, Taxes and Other


Corporate expenses, net in 2025 increased by $0.9 million compared to 2024, primarily due to higher professional fees associated with business development activities ($5.9 million) and higher stock based compensation ($0.5 million), partially offset by lower employee-related incentive compensation ($2.1 million), a gain on the sale of corporate owned land ($1.5 million), lower internal and external audit fees ($0.9 million), lower professional fees associated with remediation activities related to internal control over financial reporting ($0.3 million) and lower professional fees associated with the transition to the ABL Facility (as defined below) ($0.2 million). The Company does not expect significant expenses from business development activities in 2026.


Interest expense was $4.0 million in 2025 in comparison to $4.7 million in 2024, primarily due to lower weighted average total debt outstanding and lower interest rates, partially offset by the write-off of deferred financing fees related to the May 2025 amendment to the ABL Facility of $0.8 million.


The effective tax rate from continuing operations for 2025 was 21.5% compared to (18.8)% for 2024. The change in effective tax rate was primarily due to higher pre-tax income from continuing operations in 2025 than in 2024. The tax rate in 2024 was impacted by the release of valuation allowance on deferred taxes. See Note (d) to Financial Tables in this Press Release for information related to the effective tax rate from ongoing operations. For an explanation of differences between the effective tax rate and the U.S. federal statutory rate for 2025 and 2024, see Note 11. Income Taxes to the Consolidated Financial Statements included in Part IV, Item 15 of the 2025 Form 10-K.


Debt, Financial Leverage, Debt Covenants and Debt Refinancing


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, 2024. See Note (e) to the Financial Tables in this Press Release for a reconciliation of net debt to the most directly comparable GAAP financial measure.


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.


FORWARD-LOOKING AND CAUTIONARY STATEMENTS


Some of the information contained in this press release may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. When the Company uses the words “believe,” “estimate,” “anticipate,” “appear to,” “expect,” “project,” “plan,” “likely,” “may” and similar expressions, it does so to identify forward-looking statements. Such statements are based on the Company's then current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. Factors that could cause actual results to differ materially from expectations include, without limitation, the following:



the impact of macroeconomic factors, such as inflation, interest rates and recession risks;



an increase in the operating costs incurred by the Company’s business units, including, for example, the cost of raw materials and energy;



noncompliance with any of the financial and other restrictive covenants in the ABL Facility;



failure to continue to attract, develop and retain certain key officers or employees;



disruptions to the Company’s manufacturing facilities, including those resulting from labor shortages;



an information technology system failure or breach;



risks of doing business in countries outside the U.S. that affect our international operations;



the impact of public health epidemics on employees, production and the global economy;



political, economic and regulatory factors concerning the Company’s products;



the impact of the imposition of tariffs and sanctions on imported aluminum ingot used by Bonnell Aluminum;



the impact of geopolitical tensions on raw materials and supply chain constraints;



inability to replace aging equipment and information technology systems with necessary capital expenditures;



inability to develop, efficiently manufacture and deliver new products at competitive prices;



loss of sales to significant customers on which the Company’s business is highly dependent;



inability to achieve sales to new customers to replace lost business;



failure of the Company’s customers to achieve success or maintain market share;



failure to protect our intellectual property rights;



inability to successfully complete strategic acquisitions or dispositions, failure to realize the expected benefits of such acquisitions or dispositions, and assumption of unanticipated risks in such acquisitions or dispositions;



and the other factors discussed in the reports Tredegar files with or furnishes to the Securities and Exchange Commission (the “SEC”) from time to time, including the risks and important factors set forth in additional detail in Part I, Item 1A. Risk Factors of the 2025 Form 10-K. Readers are urged to review and consider carefully the disclosures Tredegar makes in its filings with the SEC.


Tredegar does not undertake, and expressly disclaims any duty, to update any forward-looking statement made in this press release to reflect any change in management’s expectations or any change in conditions, assumptions or circumstances on which such statements are based, except as required by applicable law.


To the extent that the financial information portion of this press release contains non-GAAP financial measures, it also presents both the most directly comparable financial measures calculated and presented in accordance with GAAP and a quantitative reconciliation of the difference between any such non-GAAP measures and such comparable GAAP financial measures. Reconciliations of non-GAAP financial measures are provided in the Notes to the Financial Tables included with this press release and can also be found within “Presentations” in the “Investors” section of our website, www.tredegar.com.


Tredegar uses its website as a channel of distribution of material company information. Financial information and other material information regarding Tredegar is posted on and assembled in the “Investors” section of its website.


Tredegar Corporation is an industrial manufacturer with two primary businesses: custom aluminum extrusions for the North American building & construction, automotive and specialty end-use markets and high performance surface protection films for high-end technology applications in the global electronics industry and packaging films for consumer and industrial products. Tredegar had 2025 sales of $723 million. With approximately 1,700 employees, the Company operates manufacturing facilities in North America and Asia.




Tredegar Corporation








Condensed Consolidated Statements of Income








(In Thousands, Except Per-Share Data)








(Unaudited)








 






 






 






 






 








 






 






Three Months Ended






 






Year Ended








 






 






December 31,






 






December 31,








 






 






2025






 






2024






 






2025






 






2024








Sales






 






$






184,068






 






 






$






154,049






 






 






$






722,864






 






 






$






598,025






 








Other income (expense), net (c)(d)






 






 






18






 






 






 






(1,254






)






 






 






1,399






 






 






 






(952






)








 






 






 






184,086






 






 






 






152,795






 






 






 






724,263






 






 






 






597,073






 








 






 






 






 






 






 






 






 






 








Cost of goods sold (c)






 






 






147,934






 






 






 






124,367






 






 






 






589,321






 






 






 






480,958






 








Freight






 






 






5,824






 






 






 






5,199






 






 






 






24,133






 






 






 






21,011






 








Selling, R&D and general expenses (c)






 






 






17,785






 






 






 






18,967






 






 






 






79,732






 






 






 






73,681






 








Amortization of identifiable intangibles






 






 






440






 






 






 






440






 






 






 






1,758






 






 






 






1,778






 








Pension and postretirement benefits






 






 






27






 






 






 






54






 






 






 






57






 






 






 






217






 








Interest expense






 






 






436






 






 






 






1,149






 






 






 






4,003






 






 






 






4,664






 








Asset impairments and costs associated with exit and disposal activities, net of adjustments (c)






 






 






420






 






 






 






27






 






 






 






855






 






 






 






613






 








OPEB termination gain (k)






 






 






(6,265






)






 






 






—






 






 






 






(6,265






)






 






 






—






 








Goodwill impairment (h)






 






 






—






 






 






 






13,271






 






 






 






—






 






 






 






13,271






 








 






 






 






166,601






 






 






 






163,474






 






 






 






693,594






 






 






 






596,193






 








Income (loss) from continuing operations before income taxes






 






 






17,485






 






 






 






(10,679






)






 






 






30,669






 






 






 






880






 








Income tax expense (benefit)(c)






 






 






3,010






 






 






 






(3,340






)






 






 






6,584






 






 






 






(165






)








Net income (loss) from continuing operations






 






 






14,475






 






 






 






(7,339






)






 






 






24,085






 






 






 






1,045






 








Income (loss) from discontinued operations, net of tax






 






 






94






 






 






 






(65,359






)






 






 






9,391






 






 






 






(65,610






)








Net income (loss)






 






$






14,569






 






 






$






(72,698






)






 






$






33,476






 






 






$






(64,565






)








 






 






 






 






 






 






 






 






 








Earnings (loss) per share:






 






 






 






 






 






 






 






 








Basic:






 






 






 






 






 






 






 






 








Continuing operations






 






$






0.42






 






 






$






(0.21






)






 






$






0.69






 






 






$






0.03






 








Discontinued operations






 






 






—






 






 






 






(1.91






)






 






 






0.27






 






 






 






(1.91






)








Basic earnings (loss) per share






 






$






0.42






 






 






$






(2.12






)






 






$






0.96






 






 






$






(1.88






)








Diluted:






 






 






 






 






 






 






 






 








Continuing operations






 






$






0.42






 






 






$






(0.21






)






 






$






0.69






 






 






$






0.03






 








Discontinued operations






 






 






—






 






 






 






(1.91






)






 






 






0.27






 






 






 






(1.91






)








Diluted earnings (loss) per share






 






$






0.42






 






 






$






(2.12






)






 






$






0.96






 






 






$






(1.88






)








 






 






 






 






 






 






 






 






 








Shares used to compute earnings (loss) per share:






 






 






 






 






 






 






 






 








Basic






 






 






34,778






 






 






 






34,293






 






 






 






34,735






 






 






 






34,346






 








Diluted






 






 






34,778






 






 






 






34,293






 






 






 






34,735






 






 






 






34,346






 









Tredegar Corporation








Net Sales and EBITDA from Ongoing Operations by Segment








(In Thousands)








(Unaudited)








 






 






 






 






 








 






 






Three Months Ended






 






Year Ended








 






 






December 31,






 






December 31,








 






 






2025






 






2024






 






2025






 






2024








Net Sales






 






 






 






 






 






 






 






 








Aluminum Extrusions






 






$






154,505






 






 






$






122,462






 






 






$






598,975






 






 






$






471,815






 








High Performance Films






 






 






23,739






 






 






 






26,388






 






 






 






99,756






 






 






 






105,199






 








Total net sales






 






 






178,244






 






 






 






148,850






 






 






 






698,731






 






 






 






577,014






 








Add back freight






 






 






5,824






 






 






 






5,199






 






 






 






24,133






 






 






 






21,011






 








Sales as shown in the condensed consolidated statements of income






 






$






184,068






 






 






$






154,049






 






 






$






722,864






 






 






$






598,025






 








 






 






 






 






 






 






 






 






 








EBITDA from Ongoing Operations (f)






 






 






 






 






 






 






 






 








Aluminum Extrusions:






 






 






 






 






 






 






 






 








Ongoing operations:






 






 






 






 






 






 






 






 








EBITDA (b)






 






$






15,709






 






 






$






9,733






 






 






$






50,958






 






 






$






41,357






 








Depreciation & amortization






 






 






(4,131






)






 






 






(4,330






)






 






 






(16,640






)






 






 






(17,722






)








EBIT (b)






 






 






11,578






 






 






 






5,403






 






 






 






34,318






 






 






 






23,635






 








Plant shutdowns, asset impairments, restructurings and other (c)






 






 






(651






)






 






 






(360






)






 






 






(2,803






)






 






 






(5,346






)








Goodwill impairment (h)






 






 






—






 






 






 






(13,271






)






 






 






—






 






 






 






(13,271






)








High Performance Films:






 






 






 






 






 






 






 






 








Ongoing operations:






 






 






 






 






 






 






 






 








EBITDA (b)






 






$






5,683






 






 






$






7,573






 






 






$






27,137






 






 






$






30,486






 








Depreciation & amortization






 






 






(1,190






)






 






 






(1,256






)






 






 






(4,895






)






 






 






(5,200






)








EBIT (b)






 






 






4,493






 






 






 






6,317






 






 






 






22,242






 






 






 






25,286






 








Plant shutdowns, asset impairments, restructurings and other (c)






 






 






—






 






 






 






165






 






 






 






13






 






 






 






(420






)








Total






 






 






15,420






 






 






 






(1,746






)






 






 






53,770






 






 






 






29,884






 








Interest income






 






 






20






 






 






 






5






 






 






 






36






 






 






 






36






 








Interest expense






 






 






436






 






 






 






1,149






 






 






 






4,003






 






 






 






4,664






 








Gain on investment in kaleo, Inc.






 






 






—






 






 






 






—






 






 






 






—






 






 






 






144






 








OPEB termination gain (k)






 






 






6,265






 






 






 






—






 






 






 






6,265






 






 






 






—






 








Corporate expenses, net (c)






 






 






3,784






 






 






 






7,789






 






 






 






25,399






 






 






 






24,520






 








Income (loss) from continuing operations before income taxes






 






 






17,485






 






 






 






(10,679






)






 






 






30,669






 






 






 






880






 








Income tax expense (benefit) (c)






 






 






3,010






 






 






 






(3,340






)






 






 






6,584






 






 






 






(165






)








Net income (loss) from continuing operations






 






 






14,475






 






 






 






(7,339






)






 






 






24,085






 






 






 






1,045






 








Income (loss) from discontinued operations, net of tax






 






 






94






 






 






 






(65,359






)






 






 






9,391






 






 






 






(65,610






)








Net income (loss)






 






$






14,569






 






 






$






(72,698






)






 






$






33,476






 






 






$






(64,565






)









Tredegar Corporation








Condensed Consolidated Balance Sheets








(In Thousands)








(Unaudited)








 






 






 






 






 








 






 






December 31, 2025






 






December 31, 2024








Assets






 






 






 






 








Cash & cash equivalents






 






$






6,729






 






$






7,062








Accounts & other receivables, net






 






 






81,811






 






 






64,817








Income taxes recoverable






 






 






47






 






 






—








Inventories






 






 






64,962






 






 






51,381








Prepaid expenses & other






 






 






15,525






 






 






16,567








Total current assets






 






 






169,074






 






 






139,827








Property, plant & equipment, net






 






 






132,975






 






 






137,032








Right-of-use leased assets






 






 






12,764






 






 






14,635








Identifiable intangible assets, net






 






 






5,568






 






 






7,326








Goodwill






 






 






22,446






 






 






22,446








Deferred income taxes






 






 






26,277






 






 






32,517








Other assets






 






 






2,268






 






 






2,448








Non-current assets of discontinued operations






 






 






—






 






 






126








Total assets






 






$






371,372






 






$






356,357








Liabilities and Shareholders’ Equity






 






 






 






 








Accounts payable






 






$






75,754






 






$






64,704








Accrued expenses






 






 






25,411






 






 






22,168








Lease liability, short-term






 






 






2,263






 






 






2,453








Short-term debt






 






 






498






 






 






1,322








Income taxes payable






 






 






455






 






 






320








Current liabilities of discontinued operations






 






 






—






 






 






741








Total current liabilities






 






 






104,381






 






 






91,708








Lease liability, long-term






 






 






10,960






 






 






12,993








ABL revolving facility






 






 






34,550






 






 






60,600








Pension and other postretirement benefit obligations, net






 






 






1,196






 






 






5,914








Deferred income taxes






 






 






—






 






 






69








Other non-current liabilities






 






 






3,731






 






 






4,105








Shareholders’ equity






 






 






216,554






 






 






180,968








Total liabilities and shareholders’ equity






 






$






371,372






 






$






356,357









Tredegar Corporation








Condensed Consolidated Statements of Cash Flows








(In Thousands)








(Unaudited)








 






 






 








 






 






Year Ended December 31,








 






 






2025






 






2024








Cash flows from operating activities:






 






 






 






 








Net income (loss)






 






$






33,476






 






 






$






(64,565






)








Adjustments for noncash items:






 






 






 






 








Depreciation






 






 






19,971






 






 






 






23,681






 








Amortization of intangibles






 






 






1,758






 






 






 






1,856






 








Reduction of right-of-use assets






 






 






2,115






 






 






 






2,259






 








Goodwill impairment






 






 






—






 






 






 






13,271






 








Deferred income taxes






 






 






6,224






 






 






 






(8,202






)








Accrued pension and postretirement benefits






 






 






161






 






 






 






217






 








OPEB termination gain






 






 






(6,265






)






 






 






—






 








Stock-based compensation expense






 






 






1,808






 






 






 






2,498






 








(Gain) loss on sale of divested business






 






 






(9,657






)






 






 






74,877






 








Gain on investment in kaléo






 






 






—






 






 






 






(144






)








Gain on the sale of assets






 






 






(1,497






)






 






 






—






 








Production equipment asset impairment






 






 






843






 






 






 






—






 








Changes in assets and liabilities:






 






 






 






 








Accounts and other receivables






 






 






(16,992






)






 






 






(14,785






)








Inventories






 






 






(13,563






)






 






 






(6,911






)








Income taxes recoverable/payable






 






 






89






 






 






 






137






 








Prepaid expenses and other






 






 






2,068






 






 






 






(7,174






)








Accounts payable and accrued expenses






 






 






13,568






 






 






 






10,009






 








Lease liability






 






 






(2,422






)






 






 






(2,749






)








Pension and postretirement benefit plan contributions






 






 






(557






)






 






 






(587






)








Other, net






 






 






1,849






 






 






 






1,820






 








Net cash provided by (used in) operating activities






 






 






32,977






 






 






 






25,508






 








Cash flows from investing activities:






 






 






 






 








Capital expenditures






 






 






(17,241






)






 






 






(14,347






)








Proceeds on sale of investment in kaléo






 






 






—






 






 






 






144






 








Net proceeds on sale of divested business






 






 






9,835






 






 






 






54,631






 








Proceeds from the sale of assets






 






 






1,904






 






 






 






83






 








Net cash provided by (used in) investing activities






 






 






(5,502






)






 






 






40,511






 








Cash flows from financing activities:






 






 






 






 








Borrowings






 






 






123,390






 






 






 






615,201






 








Debt principal payments






 






 






(150,273






)






 






 






(679,590






)








Debt financing fees






 






 






(1,272






)






 






 






(587






)








Net cash provided by (used in) financing activities






 






 






(28,155






)






 






 






(64,976






)








Effect of exchange rate changes on cash






 






 






347






 






 






 






(7,436






)








Increase (decrease) in cash and cash equivalents






 






 






(333






)






 






 






(6,393






)








Cash and cash equivalents at beginning of period






 






 






7,062






 






 






 






13,455






 








Cash and cash equivalents at end of period






 






$






6,729






 






 






$






7,062






 







Notes to the Financial Tables


(Unaudited)




(a)






Tredegar’s presentation of net income (loss) and diluted earnings (loss) per share from ongoing operations are non-GAAP financial measures that exclude the effects of gains or losses associated with plant shutdowns, asset impairments and restructurings, gains or losses from the sale of assets, goodwill impairment charges, discontinued operations, net periodic benefit cost for the frozen defined benefit pension plan prior to termination and other items (which includes gains and losses for an investment accounted for under the fair value method) which have been presented separately and removed from net income (loss) from continuing operations and diluted earnings (loss) per share as reported under GAAP. Net income (loss) and diluted earnings (loss) per share from ongoing operations are key financial and analytical measures used by management to gauge the operating performance of Tredegar’s ongoing operations. They are not intended to represent the stand-alone results for Tredegar’s ongoing operations under GAAP and should not be considered as an alternative to net income (loss) from continuing operations or earnings (loss) per share as defined by GAAP. They exclude items that management believes do not relate to Tredegar’s ongoing operations. A reconciliation to net income (loss) and diluted earnings (loss) per share from ongoing operations for the three months and the years ended December 31, 2025 and 2024 is shown below:









 






 






Three Months Ended

December 31,






 






Year Ended

December 31,








(In millions, except per share data)






 






2025






 






2024






 






2025






 






2024








Net income (loss) from continuing operations as reported under GAAP1






 






$






14.5






 






 






$






(7.3






)






 






$






24.1






 






 






$






1.0






 








After-tax effects of:






 






 






 






 






 






 






 






 








(Gains) losses associated with plant shutdowns, asset impairments and restructurings






 






 






0.3






 






 






 






(0.1






)






 






 






0.6






 






 






 






0.4






 








(Gains) losses from sale of assets and other:






 






 






 






 






 






 






 






 








Gain associated with the investment in kaléo






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(0.1






)








Valuation allowance reversal on existing deferred tax assets as a result of the sale of Terphane






 






 






—






 






 






 






(2.5






)






 






 






—






 






 






 






(0.7






)








Group annuity contract premium expense2






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(0.2






)








Other






 






 






1.1






 






 






 






1.5






 






 






 






5.9






 






 






 






6.4






 








OPEB termination gain4






 






 






(4.9






)






 






 






—






 






 






 






(4.9






)






 






 






—






 








Goodwill impairment3






 






 






—






 






 






 






10.4






 






 






 






—






 






 






 






10.4






 








Net income (loss) from ongoing operations1






 






$






11.0






 






 






$






2.0






 






 






$






25.7






 






 






$






17.2






 








 






 






 






 






 






 






 






 






 








Earnings (loss) from continuing operations per share as reported under GAAP (diluted)






 






$






0.42






 






 






$






(0.21






)






 






$






0.69






 






 






$






0.03






 








After-tax effects per diluted share of:






 






 






 






 






 






 






 






 








(Gains) losses associated with plant shutdowns, asset impairments and restructurings






 






 






0.01






 






 






 






—






 






 






 






0.02






 






 






 






0.01






 








(Gains) losses from sale of assets and other:






 






 






 






 






 






 






 






 








Valuation allowance reversal on existing deferred tax assets as a result of the sale of Terphane






 






 






—






 






 






 






(0.07






)






 






 






—






 






 






 






(0.02






)








Other






 






 






0.03






 






 






 






0.04






 






 






 






0.17






 






 






 






0.18






 








OPEB termination gain4






 






 






(0.14






)






 






 






—






 






 






 






(0.14






)






 






 






—






 








Goodwill impairment3






 






 






—






 






 






 






0.30






 






 






 






—






 






 






 






0.30






 








Earnings (loss) per share from ongoing operations (diluted)






 






$






0.32






 






 






$






0.06






 






 






$






0.74






 






 






$






0.50






 








1. Reconciliations of the pre-tax and post-tax balances attributed to net income (loss) are shown in Note (d).




2. For more information, see Note (i).




3. For more information, see Note (h).




4. For more information, see Note (k).









(b)






EBITDA (earnings before interest, taxes, depreciation and amortization) from ongoing operations is the key segment profitability metric used by the Company’s chief operating decision maker (“CODM”) to assess segment financial performance. The Company uses sales less freight (“net sales”) as its measure of revenues from external customers at the segment level. For more business segment information, see Note 12. Business Segments to the Consolidated Financial Statements included in Part IV, Item 15 of the 2025 Form 10-K.
EBIT (earnings before interest and taxes) from ongoing operations is a non-GAAP financial measure included in the accompanying tables and the reconciliation of segment financial information to consolidated results for the Company in the net sales and EBITDA from ongoing operations by segment statements. It is not intended to represent the stand-alone results for Tredegar’s ongoing operations under GAAP and should not be considered as an alternative to net income (loss) as defined by GAAP. The Company believes that EBIT is a widely understood and utilized metric that is meaningful to certain investors and that including this financial metric in the reconciliation of management’s performance metric, EBITDA from ongoing operations, provides useful information to those investors that primarily utilize EBIT to analyze the Company’s core operations.







(c)






Gains and losses associated with plant shutdowns, asset impairments, restructurings and other items for the three months and the years ended December 31, 2025 and 2024 detailed below are shown in the statements of net sales and EBITDA from ongoing operations by segment and are included in “Asset impairments and costs associated with exit and disposal activities, net of adjustments” in the condensed consolidated statements of income, unless otherwise noted.









 






Three Months Ended

December 31, 2025






Year Ended

December 31, 2025








(In millions)






Pre-Tax






Net of Tax






Pre-Tax






Net of Tax








Aluminum Extrusions:






 






 






 






 








(Gains) losses associated with plant shutdowns, asset impairments and restructurings:






 






 






 






 








Production equipment asset impairment






$






0.4






 






$






0.3






 






$






0.8






 






$






0.6






 








(Gains) losses from sale of assets, investment writedowns and other items:






 






 






 






 








Consulting expenses for ERP/MES project1






 






0.3






 






 






0.2






 






 






1.5






 






 






1.1






 








Storm damage to the Newnan, Georgia plant1






 






—






 






 






—






 






 






(0.2






)






 






(0.1






)








Legal fees associated with the Aluminum Extruders Trade Case and other matters1






 






(0.1






)






 






—






 






 






—






 






 






0.2






 








Aluminum extrusion press fire at the Newnan, Georgia Plant1






 






—






 






 






—






 






 






0.1






 






 






0.1






 








Aluminum premium charge as a result of unplanned maintenance interruptions3






 






—






 






 






—






 






 






0.3






 






 






0.2






 








Total for Aluminum Extrusions






$






0.6






 






$






0.5






 






$






2.5






 






$






2.1






 








Corporate:






 






 






 






 








(Gain) losses from sale of assets, investment writedowns and other items:






 






 






 






 








Professional fees associated with business development activities1






$






0.9






 






$






0.6






 






$






6.4






 






$






4.8






 








Professional fees associated with remediation activities related to internal control over financial reporting1






 






—






 






 






—






 






 






0.2






 






 






0.1






 








Professional fees associated with the transition to the ABL Facility1






 






0.1






 






 






0.1






 






 






0.3






 






 






0.3






 








Professional fees associated with the OPEB termination5






 






0.3






 






 






0.2






 






 






0.4






 






 






0.3






 








Group annuity contract premium adjustment2,4






 






—






 






 






—






 






 






0.1






 






 






0.1






 








Proceeds on the sale of corporate-owned land2






 






—






 






 






—






 






 






(1.5






)






 






(1.2






)








OPEB termination gain5






 






(6.3






)






 






(4.9






)






 






(6.3






)






 






(4.9






)








Total for Corporate






$






(5.0






)






$






(4.0






)






$






(0.4






)






$






(0.5






)








1. Included in “Selling, R&D and general expenses” in the condensed consolidated statements of income.




2. Included in “Other income (expense), net” in the condensed consolidated statements of income.




3. Included in “Cost of goods sold” in the condensed consolidated statements of income.




4. For more information, see Note (i).




5. For more information, see Note (k).




 









 






Three Months Ended

December 31, 2024






Year Ended

December 31, 2024








(In millions)






Pre-Tax






Net of Tax






Pre-Tax






Net of Tax








Aluminum Extrusions:






 






 






 






 








(Gains) losses associated with plant shutdowns, asset impairments and restructurings:






 






 






 






 








Production equipment asset impairment






$






0.2






 






$






0.1






 






$






0.2






 






$






0.1






 








(Gains) losses from sale of assets, investment writedowns and other items:






 






 






 






 








Consulting expenses for ERP/MES project1






 






0.5






 






 






0.3






 






 






2.6






 






 






1.9






 








Storm damage to the Newnan, Georgia plant1






 






(0.7






)






 






(0.5






)






 






(0.4






)






 






(0.3






)








Legal fees associated with the Aluminum Extruders Trade Case and other legal matters1






 






0.3






 






 






0.2






 






 






1.2






 






 






0.9






 








Resolution of customer quality complaint4






 






(0.1






)






 






—






 






 






0.7






 






 






0.6






 








Goodwill impairment7






 






13.3






 






 






10.4






 






 






13.3






 






 






10.4






 








Total for Aluminum Extrusions






$






13.5






 






$






10.5






 






$






17.6






 






$






13.6






 








High Performance Films:






 






 






 






 








(Gains) losses associated with plant shutdowns, asset impairments and restructurings:






 






 






 






 








Richmond, Virginia Technical Center closure expenses, including severance5






$






(0.1






)






$






(0.1






)






$






0.2






 






$






0.1






 








Richmond, Virginia Technical Center lease modification5






 






(0.1






)






 






(0.1






)






 






0.2






 






 






0.2






 








Total for High Performance Films






$






(0.2






)






$






(0.2






)






$






0.4






 






$






0.3






 








Corporate:






 






 






 






 








(Gain) losses from sale of assets, investment writedowns and other items:






 






 






 






 








Professional fees associated with business development activities1






$






0.3






 






$






0.3






 






$






0.6






 






$






0.7






 








Professional fees associated with remediation activities related to internal control over financial reporting1






 






0.2






 






 






0.1






 






 






1.8






 






 






1.3






 








Professional fees association with the transition to the ABL Facility






 






0.1






 






 






0.1






 






 






0.4






 






 






0.3






 








Deferred and discretionary incentive payments made subsequent to the sale of Terphane2






 






1.3






 






 






1.0






 






 






1.3






 






 






1.0






 








Valuation allowance reversal on existing deferred tax assets as a result of the sale of Terphane3






 






—






 






 






(2.5






)






 






—






 






 






(0.7






)








Group annuity contact premium adjustment2,6






 






(0.1






)






 






—






 






 






(0.3






)






 






(0.2






)








Total for Corporate






$






1.8






 






$






(1.0






)






$






3.8






 






$






2.4









1. Included in “Selling, R&D and general expenses” in the condensed consolidated statements of income.




2. Included in “Other income (expense), net” in the condensed consolidated statements of income.




3. Included in “Income tax expense (benefit)” in the condensed consolidated statements of income.




4. Included in “Sales” in the condensed consolidated statements of income.




5. For more information, see Note (j)




6. For more information, see Note (i).




7. For more information, see Note (h).









(d)






For discussion on Tredegar’s presentation of net income (loss) from ongoing operations, please refer to Note (a) above. Reconciliations of the pre-tax and post-tax balances attributed to net income (loss) from ongoing operations for the three months and the years ended December 31, 2025 and 2024 and are shown below in order to show the impact on the effective tax rate:









(In millions)






Pre-Tax






 






Taxes Expense (Benefit)






 






After-Tax






 






Effective Tax Rate








Three Months Ended December 31, 2025






(a)






 






(b)






 






 






 






(b)/(a)








Net income (loss) from continuing operations as reported under GAAP






$






17.5






 






 






$






3.0






 






 






$






14.5






 






 






17.1






%








(Gains) losses associated with plant shutdowns, asset impairments and restructurings






 






0.4






 






 






 






0.1






 






 






 






0.3






 






 






 








(Gains) losses from sale of assets and other






 






1.5






 






 






 






0.4






 






 






 






1.1






 






 






 








OPEB termination gain (k)






 






(6.3






)






 






 






(1.4






)






 






 






(4.9






)






 






 








Net income (loss) from ongoing operations






$






13.1






 






 






$






2.1






 






 






$






11.0






 






 






16.0






%








Three Months Ended December 31, 2024






 






 






 






 






 






 






 








Net income (loss) from continuing operations as reported under GAAP






$






(10.7






)






 






$






(3.4






)






 






$






(7.3






)






 






31.8






%








(Gains) losses associated with plant shutdowns, asset impairments and restructurings






 






—






 






 






 






0.1






 






 






 






(0.1






)






 






 








(Gains) losses from sale of assets and other






 






1.8






 






 






 






2.8






 






 






 






(1.0






)






 






 








Goodwill impairment






 






13.3






 






 






 






2.9






 






 






 






10.4






 






 






 








Net income (loss) from ongoing operations






$






4.4






 






 






$






2.4






 






 






$






2.0






 






 






56.0






%








Year Ended December 31, 2025






 






 






 






 






 






 






 








Net income (loss) from continuing operations as reported under GAAP






$






30.7






 






 






$






6.6






 






 






$






24.1






 






 






21.5






%








(Gains) losses associated with plant shutdowns, asset impairments and restructurings






 






0.8






 






 






 






0.2






 






 






 






0.6






 






 






 








(Gains) losses from sale of assets and other






 






7.6






 






 






 






1.7






 






 






 






5.9






 






 






 








OPEB termination gain (k)






 






(6.3






)






 






 






(1.4






)






 






 






(4.9






)






 






 








Net income (loss) from ongoing operations






$






32.8






 






 






$






7.1






 






 






$






25.7






 






 






21.6






%








Year Ended December 31, 2024






 






 






 






 






 






 






 








Net income (loss) continuing operations as reported under GAAP






$






0.9






 






 






$






(0.1






)






 






$






1.0






 






 






(18.8






)%








(Gains) losses associated with plant shutdowns, asset impairments and restructurings






 






0.6






 






 






 






0.2






 






 






 






0.4






 






 






 








(Gains) losses from sale of assets and other






 






7.8






 






 






 






2.4






 






 






 






5.4






 






 






 








Goodwill impairment






 






13.3






 






 






 






2.9






 






 






 






10.4






 






 






 








Net income (loss) from ongoing operations






$






22.6






 






 






$






5.4






 






 






$






17.2






 






 






23.8






%








* Not meaningful (“NM”)









(e)






Net debt is calculated as follows:









(In millions)






 






December 31,






 






December 31,








 






2025






 






2024








Short-term debt






 






$






0.5






 






$






1.3








ABL revolving facility






 






 






34.6






 






 






60.6








Total debt






 






 






35.1






 






 






61.9








Less: Cash and cash equivalents






 






 






6.7






 






 






7.1








Net debt






 






$






28.4






 






$






54.8







Net debt is not intended to represent total debt as defined by GAAP. Net debt is utilized by management in evaluating the Company’s financial leverage and equity valuation, and management believes that investors also may find net debt to be helpful for the same purposes.


Net leverage ratio is a non-GAAP financial measure. It is not intended to represent the stand-alone results for Tredegar under GAAP and should not be considered as an alternative to net income (loss) and total debt as defined by GAAP. Net leverage ratio is utilized by management in evaluating the Company’s financial leverage, and management believes that investors also may find the net leverage ratio to be helpful for the same purposes. In addition, earnings before interest, taxes, depreciation and amortization as defined in the ABL Facility ("Credit EBITDA") is provided below.




 






As of or for the Twelve Months Ended December 31, 2025(1)






 






As of or for the Twelve Months Ended December 31, 2024(1)








($ in millions)






 








Net debt






$






28.4






 






$






54.8








Credit EBITDA(2)






$






60.1






 






$






51.1








Net leverage ratio






 






0.5






 






 






1.1








1. Actual Credit EBITDA amounts are for the twelve months ended December 31, 2025 and 2024, and actual net debt amounts are as of December 31, 2025 and 2024.


2. See Note (g) for more information.









(f)






Tredegar’s presentation of Consolidated EBITDA from ongoing operations is a non-GAAP financial measure that excludes the effects of gains or losses associated with plant shutdowns, asset impairments and restructurings, gains or losses from the sale of assets, goodwill impairment charges, discontinued operations, net periodic benefit cost for the frozen defined benefit pension plan and other items (which includes gains and losses for an investment accounted for under the fair value method). Consolidated EBITDA from ongoing operations also excludes depreciation & amortization, stock option-based compensation costs, interest and income taxes. Consolidated EBITDA is a key financial and analytical measure used by management to gauge the operating performance of Tredegar’s ongoing operations. It is not intended to represent the stand-alone results for Tredegar’s ongoing operations under GAAP and should not be considered as an alternative to net income (loss) or earnings (loss) per share as defined by GAAP. It excludes items that management believes do not relate to Tredegar’s ongoing operations. A reconciliation of Consolidated EBITDA from ongoing operations for the three months and the years ended December 31, 2025 and 2024 is shown below:









 






Three Months Ended December 31,






 






Year Ended December 31,








($ in millions)






2025






 






2024






 






2025






 






2024








Net income (loss) from continuing operations as reported under GAAP1






$






14.5






 






 






$






(7.3






)






 






$






24.1






 






 






$






1.0






 








After-tax effects of:






 






 






 






 






 






 






 








(Gains) losses associated with plant shutdowns, asset impairments and restructurings






 






0.3






 






 






 






(0.1






)






 






 






0.6






 






 






 






0.4






 








Gain associated with the investment in kaléo






 






—






 






 






 






—






 






 






 






—






 






 






 






(0.1






)








(Gains) losses from sale of assets and other






 






1.1






 






 






 






1.5






 






 






 






5.9






 






 






 






6.4






 








Group annuity contract premium expense2






 






—






 






 






 






—






 






 






 






—






 






 






 






(0.2






)








Valuation allowance reversal on existing deferred tax assets as a result of the sale of Terphane






 






—






 






 






 






(2.5






)






 






 






—






 






 






 






(0.7






)








OPEB termination gain4






 






(4.9






)






 






 






—






 






 






 






(4.9






)






 






 






—






 








Goodwill impairment3






 






—






 






 






 






10.4






 






 






 






—






 






 






 






10.4






 








Net income (loss) from ongoing operations1






 






11.0






 






 






 






2.0






 






 






 






25.7






 






 






 






17.2






 








Depreciation and amortization






 






5.4






 






 






 






5.6






 






 






 






21.7






 






 






 






23.2






 








Interest expense






 






0.4






 






 






 






1.1






 






 






 






4.0






 






 






 






4.7






 








Income taxes from ongoing operations1






 






2.1






 






 






 






2.4






 






 






 






7.1






 






 






 






5.4






 








Consolidated EBITDA from ongoing operations






$






18.9






 






 






$






11.1






 






 






$






58.5






 






 






$






50.5






 








1. Reconciliations of the pre-tax and post-tax balances attributed to net income (loss) from continuing operations are shown in Note (d).




2. For more information, see Note (i).




3. For more information, see Note (h).




4. For more information, see Note (k).









(g)






The computation of Credit EBITDA and fixed charge coverage ratio, as defined in the ABL Facility, is presented below.









Computations of Credit EBITDA (as defined in the ABL Facility) as of and for the




Twelve Months Ended December 31, 2025 *








Computations of Credit EBITDA for the twelve months ended December 31, 2025 (in thousands):








Net income (loss)






$






33,476






 








Plus:






 








After-tax losses related to discontinued operations






 






—






 








Total income tax expense for continuing operations






 






6,584






 








Interest expense






 






4,003






 








Depreciation and amortization expense for continuing operations






 






21,729






 








All non-cash losses and expenses, plus cash losses and expenses not to exceed $10,000, for continuing operations that are classified as unusual, extraordinary or which are related to plant shutdowns, asset impairments and/or restructurings (cash-related of $8,913)






 






9,756






 








Charges related to stock option grants and awards accounted for under the fair value-based method






 






—






 








Losses related to the application of the equity method of accounting






 






—






 








Losses related to adjustments in the estimated fair value of assets accounted for under the fair value method of accounting






 






—






 








Fees, costs and expenses incurred in connection with the amendment process (Amendment No. 3 “ABL Transition”)






 






290






 








Fees, costs and expenses incurred in connection with the amendment process (Amendment No. 5)






 






—






 








Minus:






 








After-tax income related to discontinued operations






 






(9,391






)








Total income tax benefits for continuing operations






 






—






 








Interest income






 






(36






)








All non-cash gains and income, plus cash gains and income in excess of $10,000, for continuing operations that are classified as unusual, extraordinary or which are related to plant shutdowns, asset impairments and/or restructurings






 






(6,265






)








Income related to changes in estimates for stock option grants and awards accounted for under the fair value-based method






 






—






 








Income related to the application of the equity method of accounting






 






—






 








Income related to adjustments in the estimated fair value of assets accounted for under the fair value method of accounting






 






—






 








Plus or minus, as applicable, pro forma EBITDA adjustments associated with acquisitions and asset dispositions






 






—






 








Credit EBITDA






$






60,146






 








Fixed charge coverage ratio**:






 








Credit EBITDA






$






60,146






 








Unfinanced capital expenditures






$






17,241






 








Fixed charges






$






4,626






 








Fixed charge coverage ratio






 






9.28






 








* Credit EBITDA is not intended to represent net income (loss) or cash flow from operations as defined by GAAP and should not be considered as an alternative to either net income (loss) or to cash flow.




** Fixed Charge Coverage Ratio is computed as the ratio of (a) Credit EBITDA minus Unfinanced Capital Expenditures to (b) Fixed Charges.









(h)






During the fourth quarter of 2024, the Company recognized a special item for the non-cash write-off of goodwill of $13.3 million ($10.4 million after deferred income tax benefits) associated with the Clearfield, Utah operation ("Clearfield") acquired in February 2017 (formerly Futura). Clearfield exceeded expectations in performance, including exceptional customer service, from the date of acquisition until before pandemic-related disruptions that resulted in long lead times during periods of 2021 and 2022. Long lead times resulted in customers seeking supply from other sources to meet their demand, including imports. Some business lost at Clearfield during this time has been regained during the recovery underway, but not at the level that the Company previously anticipated would eventually replicate the EBITDA and net cash flow generation that existed prior to the pandemic-related disruptions. As a consequence, using projections that assume the continuation of lower sales and profitability, the estimated fair value of Clearfield during the fourth quarter of 2024 fell below its carrying value by more than the amount of goodwill causing the write-off.








(i)






During the third quarter of 2023, the Company remeasured the pension plan, which resulted in a pre-tax pension settlement loss in the condensed consolidated results of operation of $25.6 million. The remeasurement of the pension benefit obligation and plan assets was triggered by $64.5 million of lump sum distributions from the pension plan assets which exceeded the pension plan's service and interest cost. On November 3, 2023, the pension plan termination and settlement process was completed, and the Company’s relevant pension plan obligation was transferred to Massachusetts Mutual Life Insurance Company. This completed the pension plan termination process that began in February 2022. As a result of the routine administrative process to transition the pension plan, the Company recognized a $2.0 million charge to adjust the initial purchase price of the nonparticipating single premium group annuity contract.








(j)






In August 2023, the Company adopted a plan to close the High Performance Films technical center in Richmond, VA and reduce its efforts to develop and sell films supporting the semiconductor market. Future research & development activities for High Performance Films will be performed at the production facility in Pottsville, PA. High Performance Films continues to have new business opportunities primarily relating to surface protection films that protect components of flat panel and flexible displays. All activities ceased at the High Performance Films technical center in Richmond, VA as of the end of the first quarter of 2024.








(k)






On October 31, 2025, Tredegar terminated the Other Post-Retirement Benefits (“OPEB”) by prefunding $0.1 million, representing all required contributions for the remainder of 2025. The OPEB total obligation and unrecognized pre-tax actuarial gain reported in the condensed consolidated balance sheets was $5.0 million and $1.3 million, respectively, which was realized in the income statement during the fourth quarter of 2025.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260311782488/en/
Tredegar Corporation

Neill Bellamy, 804-330-1211


Original: Tredegar Reports Fourth Quarter and Full Year 2025 Results