Tredegar : 2024 Annual Meeting Presentation

2024

ANNUAL MEETING

Annual Meeting Business Report

Greg Pratt

Chairman of the Board

of Directors

2024 Annual Meeting

Agenda

• Annual Meeting Business Report
  Greg Pratt, Chairman of the Board of Directors
• Introduction and Highlights
  John Steitz, President and Chief Executive Officer
• Tredegar Financial Report
  Drew Edwards, Executive Vice President and Chief Financial Officer
• Bonnell Aluminum Business Update
  Brook Hamilton, President - Bonnell Aluminum
• Tredegar PE Films Business Update
  Bapi DasGupta, President - Tredegar PE Films
• Terphane Business Update
  Jose Bosco Silveira, Jr., President - Terphane
• Questions

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Annual Meeting Business Report

Greg Pratt

Chairman of the Board

of Directors

Introduction and Highlights

John Steitz

President and

Chief Executive Officer

2024 Annual Meeting

Forward-Looking Statements & Non-GAAP Measures

Certain statements contained in this presentation are forward-looking statements. Pursuant to federal securities regulations, we have set forth cautionary statements relating to those forward-looking statements in our Annual Report on Form 10-K for the year ended December 31, 2023, and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, and in other filings with the Securities and Exchange Commission. We urge readers to review and carefully consider these cautionary statements and the other disclosures we make in our filings with the SEC.

This presentation contains non-GAAP financial measures that are not determined in accordance with United States GAAP. These non-GAAP financial measures should not be considered in isolation, as an alternative to, or more meaningful than measures of financial performance determined in accordance with United States GAAP. A reconciliation of those financial measures to United States GAAP financial measures is available on the company's website at www.tredegar.comunder "Investors".

The presentation speaks as of the date thereof. Tredegar is not, and should not be deemed to be, updating or reaffirming any information contained therein. We do not undertake, and expressly disclaim any duty, to update any forward-looking statements made in this presentation to reflect any change in management's expectations or any change in conditions, assumptions or circumstances on which such statements are based.

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2024 Annual Meeting

2023 and 2024 YTD Highlights

• Excellent safety performance continues across all business units. We strive for zero accidents and rely on employees to identify risks before accidents occur.
• We recognized a meaningful profit from ongoing operations in the first quarter of 2024 for the first time since the first quarter of last year, after experiencing market declines throughout our businesses in 2023.
• • The bottom of the severe down cycle for Bonnell and Tredegar overall appears to have occurred in the third quarter of 2023. Since then, net new orders and sales volume at Bonnell have increased sequentially in each quarter and PE Films performance has rebounded nicely.
  • Favorable preliminary determinations have been made for countervailing and anti-dumping duties in the trade action that has been backed by a coalition of U.S. aluminum extruders.
• We completed the process to eliminate our pension obligation.
• We executed an agreement on September 1, 2023 to sell Terphane to Oben Group, which is currently under review by competition authorities in Brazil and progressing as planned.
• We continue to focus on prudently managing costs, working capital and capital spending and are optimistic for a very good 2024.

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Tredegar Financial Report

Drew Edwards

Executive Vice President and

Chief Financial Officer

Our Businesses ($ Millions)

*

• Bonnell makes custom designed, fabricated and finished aluminum profiles; serving three key end-market segments:

• Building & Construction (B&C), which represented approximately 64% of Bonnell's 2023 net sales (with commercial B&C comprising 56%)

• Automotive and transportation

• Specialty markets, including consumer durables, machinery & equipment, electrical and distribution

• PE Films (mainly polyethylene-based films)

• Surface Protection (SP) films made and sold in the U.S. and Asia for protecting high-value components of flat panel and flexible display components and materials suppliers for advanced semiconductor packaging

• Overwrap (OWF) films made in the U.S. primarily for paper tissue & towel overwrap

• Terphane makes specialized polyester ("PET") films for use in packaging and industrial applications to provide maximum protection with the least utilization of resources due to extremely lightweight films; serving South America, North America and European markets; majority of products are made and sold in Brazil

*The Company uses sales less freight ("net sales") as its measure of revenues from external customers at the segment level.

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Tredegar Quarterly and Trailing 12 Months (TTM) EBITDA and EPS from Ongoing Operations *

*Earnings before interest, taxes, depreciation, and amortization ("EBITDA") from ongoing operations, earnings per share from ongoing operations,
and net debt are non-GAAP financial measures. More information on these non-GAAP measures, reconciliations to the most comparable GAAP	10
measure, and the identification of notable items are available on our website at www.tredegar.comby selecting "Investors".