Tredegar : 4Q 2023 Quarterly Highlights and Investor Presentation

2023 Fourth Quarter Financial Results

March 20, 2024

Forward-Looking Statements

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 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 included under "Supplemental Information" in this presentation and is available on the

company's website at www.tredegar.comunder "Investors."

The report 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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Tredegar Corporation

2023 Fourth Quarter and Full Year Results

(in millions, except per share data)			2023	2022
	4Q 2023	4Q 2022
Net Sales1	$162.4	$182.8	$677.9	$903.6
Net Income (Loss) from Ongoing
Operations2	$(0.1)	$0.5	$(4.7)	$39.5
Diluted Earnings (Loss) per share from
Ongoing Operations2	$(0.01)	$0.02	$(0.15)	$1.17

1. See Note 1 in GAAP to Non-GAAP Reconciliations for more information and a reconciliation of this non-GAAP financial measure.
2. See Note 3 in GAAP to Non-GAAP Reconciliations for more information and a reconciliation of this non-GAAPfinancial measure.

"Results for the fourth quarter were better than expected and improved compared with the third quarter of 2023. There are signs that the downturn at Bonnell, which we believe is a residual impact of the pandemic and started in the second half of 2022, has hit bottom and that a recovery is underway. In addition, U.S. authorities have made favorable preliminary determinations regarding a trade case backed by a coalition of members of the Aluminum Extruders Council. At PE Films, EBITDA was $8.6 million during the second half of 2023 compared with $2.7 million during the first half. We expect that this positive recent performance will continue in 2024."

"We continue to make progress on our corporate strategic initiatives. The process to complete the sale of Terphane is advancing as planned, including the review required by competition authorities in Brazil. In early November, we settled our pension plan. In late December, we executed an amendment of our credit agreement and conversion to an asset-based lending facility to support us during what has been an unprecedented cyclical downturn. Furthermore, favorable operating results have improved our outlook for our

financial leverage."

I'd like to express my sincere appreciation to all of the employees at Tredegar and its operating divisions for coming together as a
team to meet head-on our significant business challenges in 2023." John Steitz, CEO and President (Fourth Quarter 2023
Earnings Release)	2

Aluminum Extrusions (Bonnell Aluminum)

2023 Fourth Quarter and Full Year Results

	Fourth Quarter Performance		Full Year Performance
	(in millions)	4Q 23	4Q 22				(in millions)	2023	2022
	Volume (lbs.)	32.9	37.2	(12)%			Volume (lbs.)	138.5	174.7	(21)%
	Net Sales1	$110.2	$127.8	(14)%			Net Sales1	$474.8	$637.9	(26)%
	Ongoing Operations:						Ongoing Operations:
	EBITDA	$8.0	$8.9	(10)%			EBITDA	$38.0	$66.8	(43)%
	Less: D&A	(4.7)	(4.6)				Less: D&A	(17.9)	(17.4)
	EBIT2	$3.3	$4.3	(23)%			EBIT2	$20.1	$49.4	(59)%

Fourth Quarter Financial Highlights

EBITDA from ongoing operations in the fourth quarter of 2023 decreased $0.9 million versus the fourth quarter of 2022, primarily due to:

• Lower volume ($3.6 million), higher labor and employee-related costs ($0.9 million), lower pricing ($0.6 million), and higher selling, general and administrative ("SG&A") expenses ($1.8 million), partially offset by lower supply expense ($1.9 million) and utility costs ($0.7 million);
• The timing of the flow-through under the first-infirst-out ("FIFO") method of aluminum raw material costs passed through to customers, previously acquired at higher prices in a quickly changing commodity pricing environment, resulted in a charge of $0.3 million in the fourth quarter of 2023 versus a charge of $1.7 million in the fourth quarter of 2022; and
• Inventories accounted for under the last in, first out ("LIFO") method resulted in a benefit of $1.2 million in the fourth quarter of 2023 versus a charge of $2.9 million in the fourth quarter of 2022. In addition, the Company recorded a favorable out-of-period adjustment of $1.9 million related to inventory in the fourth quarter of 2022.

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Aluminum Extrusions (Bonnell Aluminum)

Sales Volume by End-Use Market and Open Orders

		Three Months		Three Months
		Ended		Favorable/	Ended	Favorable/	Year Ended	Favorable/
		December 31,	(Unfavorable)	September 30,	(Unfavorable)	December 31,	(Unfavorable)
(In millions of lbs)		2023	2022	% Change	2023	% Change	2023	2022	% Change
Sales volume by end-use market:
Non-residential B&C	18.4	20.7	(11.1)%	18.0	2.2 %	78.6	93.5	(15.9)%
Residential B&C	2.0	2.7	(25.9)%	1.6	25.0 %	8.1	13.7	(40.9)%
Automotive	3.3	3.3	- %	3.9	(15.4)%	13.8	14.0	(1.4)%
Specialty products	9.2	10.5	(12.4)%	9.1	1.1 %	38.0	53.5	(29.0)%
Total	32.9	37.2	(11.6)%	32.6	0.9 %	138.5	174.7	(20.7)%

• Net new orders, which remain sluggish compared to historical levels, increased 55% in the fourth quarter of 2023 versus the fourth quarter of 2022.
• Open orders at the end of the fourth quarter of 2023 were 14 million pounds (versus 17 million pounds at the end of the third quarter of 2023 and 41 million pounds at the end of the fourth quarter 2022). This level is below the quarterly range of 21 to 27 million pounds in 2019 before pandemic-related disruptions that resulted in long lead times, driving a peak in open orders of approximately 100 million pounds during the first quarter of 2022.
• The Company believes that current open orders are below pre-pandemic levels due to higher interest rates, tighter lending requirements and the increase in remote working, which particularly impacts the non-residential B&C end-use market. In addition, data indicates that aluminum extrusions imports increased significantly in recent years, especially during the pandemic, and some of Bonnell Aluminum's customers may have sourced, and continue to source, aluminum extrusions from producers outside the United States. The Company is participating as a part of a coalition of members of Aluminum Extruders Council who have filed a trade case in response to alleged large and increasing volumes of unfairly priced imports of aluminum extrusions since 2019. Refer to Item 1A, Risk Factors - Risks Related to Aluminum Extrusions on page 7 of the

Form 10-K for more information.

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Aluminum Extrusions (Bonnell Aluminum)

ABI Index

• One of the key indicators for non-residential building & construction (B&C) is the Architecture Billings Index (ABI), which leads non-residential B&C activity by 9 to 12 months. Published monthly by the American Institute of Architects, the ABI is a diffusion index. An index score of 50 represents no change in firm billings from the previous month, a score above 50 indicates an increase in firm billings from the previous month, and a score below 50 indicates a decline in firm billings from the previous month.

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PE Films (Surface Protection, Polyethylene Overwrap Films & Films for Other Markets)

2023 Fourth Quarter and Full Year Results

	Fourth Quarter Performance			Full Year Performance
	(in millions)	4Q 23	4Q 22					(in millions)	2023	2022
	Volume (lbs.)	8.5	5.6	52%				Volume (lbs.)	29.4	32.9	(11)%
	Net Sales1	$20.7	$15.0	39%				Net Sales1	$76.8	$97.6	(21)%
								Ongoing Operations:
	Ongoing Operations:
	EBITDA	$4.5	$(2.6)	NM	EBITDA	$11.2	$12.0	(6)%
	Less: D&A	(1.2)	(1.5)					Less: D&A	(6.5)	(6.3)
	EBIT2	$3.3	$(4.1)	NM	EBIT2	$4.7	$5.7	(17)%

Fourth Quarter Financial Highlights

EBITDA from ongoing operations in the fourth quarter of 2023 increased $7.1 million versus the fourth quarter of 2022 primarily due to:

• A $5.2 million increase from Surface Protection:
• • Higher contribution margin associated with higher volume and favorable mix ($2.1 million), operating efficiencies ($1.0 million), cost improvements ($0.6 million) and lower SG&A and R&D ($0.7 million), primarily from the closure of the technical center in the third quarter of 2023;
  • Inventories accounted for under the LIFO method resulted in a benefit of $1.0 million in the fourth quarter of 2023 versus a charge of $0.1 million in the fourth quarter of 2022; and

◦The pass-through lag associated with resin costs ($0.2 million charge in the fourth quarter of 2023 versus a benefit of $0.2 million in the fourth quarter of 2022).

• A $1.9 million increase from overwrap films primarily due to:
• • Higher contribution margin associated with higher volume and favorable mix ($0.6 million) and cost improvements ($0.7 million);
  • Inventories accounted for under the LIFO method resulted in a benefit of $0.3 million in the fourth quarter of 2023 versus a charge of $0.4 million in the fourth quarter of 2022; and
  • The pass-through lag associated with resin costs (a charge of $0.1 million in the fourth quarter of 2023 versus a benefit of $0.2 million in the fourth quarter of 2022).

1 Net sales represents gross sales less freight. The Company uses net sales as its measure of revenues from external customers at the segment level. 2 See Note 1 in GAAP to Non-GAAP Reconciliations for more information and a reconciliation of this non-GAAP financial measure

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Flexible Packaging Films (Terphane)

2023 Fourth Quarter and Full Year Results

	Fourth Quarter Performance				Full Year Performance
	(in millions)	4Q 23	4Q 22				(in millions)	2023	2022
	Volume (lbs.)	22.8	24.5	(7)%			Volume (lbs.)	88.5	106.7	(17)%
	Net Sales1	$31.5	$40.0	(21)%			Net Sales1	$126.3	$168.1	(25)%
	Ongoing Operations:						Ongoing Operations:
	EBITDA	$2.3	$7.0	(67)%			EBITDA	$4.4	$27.5	(84)%
	Less: D&A	(0.7)	(0.7)				Less: D&A	(2.9)	(2.4)
	EBIT2	$1.6	$6.3	(75)%			EBIT2	$1.5	$25.1	(94)%

Fourth Quarter Financial Highlights

EBITDA from ongoing operations in the fourth quarter of 2023 decreased by $4.7 million versus the fourth quarter of 2022, primarily due to:

• Lower selling prices from the pass-through of lower resin costs and margin pressures ($4.3 million), lower sales volume ($1.0 million) and higher variable costs ($3.2 million), partially offset by lower raw material costs ($2.7 million) and lower SG&A expenses ($1.4 million); and
• Foreign currency transaction losses ($0.2 million) in the fourth quarter of 2023 compared to foreign currency transaction gains ($0.1 million) in the fourth quarter of 2022.

1	Net sales represents gross sales less freight. The Company uses net sales as its measure of revenues from external customers at the segment level.	7
2	See Note 1 in GAAP to Non-GAAP Reconciliations for more information and a reconciliation of this non-GAAP financial measure.

Status of Current Corporate Strategic Initiatives

Agreement to Sell Terphane

On September 1, 2023, the Company announced that it had entered into a definitive agreement to sell Terphane to Oben Group (the "Contingent Terphane Sale"). Completion of the sale is contingent upon the satisfaction of customary closing conditions, including the receipt of certain competition filing approvals by authorities in Brazil and Colombia. On October 27, 2023, the Company filed the requisite competition forms with the Administrative Council for Economic Defense ("CADE") in Brazil. The regulatory review process is ongoing and in line with the Company's expectations. CADE's maximum deadline for completing its review is no later than November 18, 2024. The merger review regarding the transaction was cleared by the Colombian authority in early February 2024.

As of December 31, 2023, the Company has reported results for Terphane as a continuing operation, given the early stage of the approval process by authorities. If the Contingent Terphane Sale transaction is completed, the Company expects to realize after-tax net debt-free cash proceeds of $85 million after deducting projected Brazil withholding taxes, escrow funds, U.S. capital gains taxes and transaction costs. Actual after-tax net proceeds may differ from this estimate due to possible changes in deductions and the Company's tax situation during the potentially lengthy interim period to the closing date.

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Status of Current Corporate Strategic Initiatives

ABL Facility

On December 27, 2023, the Company entered into Amendment No. 3 (the "ABL Facility") to the Second Amended and Restated Credit Agreement dated June 29, 2022, which provides the Company with a $180 million senior secured

asset-based revolving credit facility that will expire on June 30, 2026. The ABL Facility amended the Company's

existing $200 million revolving, secured credit facility that was scheduled to mature on June 29, 2027 (the "Prior Credit Agreement"). As of December 31, 2023, the Company was in compliance with all covenants under the ABL Facility. Availability for borrowings under the ABL Facility is governed by a borrowing base, determined by the application of specified advance rates against eligible assets, including trade accounts receivable, inventory, owned real properties

and owned machinery and equipment. As of December 31, 2023, excess available borrowings under the ABL Facility

were approximately $22.9 million, based upon the outstanding borrowing base availability net of the financial covenant for Minimum Liquidity (as defined in the ABL Facility). Upon the earlier of March 31, 2025 or the date the Company receives the proceeds from the sale of Terphane (the "ABL Adjustment Date"), the $180 million ABL Facility will be reduced to $125 million. If the Contingent Terphane Sale is not completed by the ABL Adjustment Date, the Company

may have to undertake alternative financing plans, subject to the limitations imposed by the ABL Facility, such as

refinancing or restructuring our indebtedness, selling assets, reducing or delaying capital investments or raising additional capital. Refer to Note 7 "Debt and Credit Agreements" to the Consolidated Financial Statements in Item 15 of the Form 10-K for an explanation of the financial highlights and primary debt covenants.

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