Tredegar : 2026 Annual Meeting Presentation
TG
Published on 05/08/2026 at 09:15 am EDT
ANNUAL MEETING
Chairman of the Board of Directors
Annual Meeting Business Report
2025 Annual Meeting
Annual Meeting Business Report
Greg Pratt, Chairman of the Board of Directors
Introduction and Highlights
Bapi DasGupta, President and Chief Executive Officer
Tredegar Financial Report
Frasier Brickhouse, Vice President and Chief Financial Officer
Bonnell Aluminum Business Update
Brook Hamilton, President - Bonnell Aluminum
Tredegar High Performance Films Business Update Bapi DasGupta, President and Chief Executive Officer
Questions
3
Chairman of the Board of Directors
Annual Meeting Business Report
President and Chief Executive Officer
Introduction and Highlights
2026 Annual Meeting
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, 2025, and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, 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. Reconciliation of those financial measures to United States GAAP financial measures are available at the end of this presentation.
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.
6
Recap of 2025 Results
Deliver long term shareholder value
Safety Excellence: Excellent safety performance across company - both Bonnell and High Performance Films manufacturing plants achieved Total Recordable Incident Rate (TRIR) < 1.0
Strong Financial Performance: Both business units had strong EBITDA performance and cash flow in a challenging operating environment
Debt Reduction: Significant reduction in debt with liquidity available to meet our needs in 2026
Leadership Transition: Change in Executive Leadership team (CEO and CFO) effective January 1, 2026
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First 100 Day Observations and Takeaways
Deliver long term shareholder value
People & Culture: TG is powered by "Salt of the Earth" people who operate with high integrity and ethical standards committed to excellence
Customer Leadership: Both business units are customer-forward industry leaders with long-term, established customer relationships delivering strong value propositions and brand equity
Growth Positioned: Both business units are poised for growth through strategic capital allocation and operational excellence in Bonnell, and expanding in adjacent markets in HPF
Cross Company Opportunities to Elevate Performance: Significant opportunities to increase efficiencies, profitability, and reduce costs through collaboration of best practices and operating as "One Tredegar"
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2026 Key Focus Areas...It's a new day!
Deliver long term shareholder value
Culture & Safety: Build on "High Performance Team" culture as "One Tredegar" with Safety as #1 priority
Revenue Growth: Increase top line growth, profitability and cash flow
Operational Excellence: Cost and complexity reduction through focused cost reduction initiatives and operational excellence
Capital Allocation: Strategic growth capital allocation and efficient CAPEX process
Talent & Succession: Succession planning across company, particularly senior management positions; resource "critical to success" roles and upgrade organization where needed
Balance Sheet: Reduce debt
Strategic Roadmap: Develop a strategic road map for long term growth (organic
and inorganic) 9
Deliver long term shareholder value
Three Year Road Map…"One Tredegar", Customer Forward, High Performance Team with Unity of Purpose and Principles
YEAR 1
Stabilize and Increase Near Term Value
Maximize Profitability and Cash
Cost and complexity reduction
Organization transformation and succession planning…"One Tredegar"
Operational Excellence and strategic CAPEX allocation
YEAR 2
Optimize and Grow
Portfolio optimization
Operational Footprint optimization
Next Gen products pipeline
Expansion into adjacencies
Build Strategic Road Map for long term growth (organic and inorganic)
YEAR 3
Tredegar synonymous with "Best in Class" among peers and delivering long-term shareholder value
Sustain Growth Trajectory
Key management succession plans in place
Implementation of Strategic road map
Refinement of "Future State" Business and Operational Model
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Tredegar Financial Report
Vice President, Chief Financial Officer and Treasurer
Consolidated EBITDA & EPS from Ongoing Operations*
($ Millions Except EPS Data)
$58.5
2023 2024 2025
EBITDA from Ongoing Operations EPS from Ongoing Operations
Key Highlights
$50.5
$0.74
$30.3
$0.50
$(0.07)
In 2025, Bonnell delivered year-over-year improvement despite challenging market conditions, tariff-related cost pressures and a decline in new orders following the mid-year increase in Section 232 tariffs.
High Performance Films generated solid cash flow, delivering a strong performance relative to an exceptional prior year.
*Consolidated earnings before interest, taxes depreciation, and amortization (Consolidated EBITDA) from ongoing operations and earnings per share from ongoing operations are non-GAAP financial measures. See Notes D and E in the attached GAAP to non-GAAP Reconciliations for more information and related reconciliation of these non-GAAP financial
measures. 12
Consolidated EBITDA & EPS from Ongoing Operations* - Q1 2025 vs Q1 2026
($ Millions Except EPS Data)
$0.10
$0.15
Key Highlights
Q1 2026 earnings increased despite relatively flat EBITDA, as stronger Bonnell EBITDA was offset by lower HPF EBITDA, with additional benefit
11.7
9.2
(5.1)
(5.1)
5.1
7.5
$11.5 $11.7
Q1-25 Q1-26
Bonnell
from lower interest expense and taxes.
Bonnell performance improved despite lower volume, driven by pricing and material yield improvements.
High Performance Films EBITDA declined as expected, reflecting lower surface protection volume, partially offset by cost and productivity improvements.
*Consolidated EBITDA from ongoing operations and earnings per share from ongoing operations are non-GAAP financial measures. See Notes D and E in the attached
GAAP to non-GAAP Reconciliations for more information and related reconciliation of these non-GAAP financial measures. 13
($ Millions)
Net Debt and Net Leverage*
$133
3.9x
Terphane Sold
11/1/24
$55
1.1x
$28
$31
0.5x
0.5x
Key Highlights
The balance sheet remains strong, with net leverage of 0.5x as of March 31, 2026.
The improvement since 2023 reflects the 2024 sale of Terphane and EBITDA growth in 2024 and 2025.
2023 2024 2025 Q1-26
Debt Net of Cash Net Leverage Ratio
*Net debt (total debt in excess of cash and cash equivalents) and net leverage ratio are non-GAAP financial measures. See Notes A and B in the attached GAAP to non-GAAP Reconciliations for more information and related reconciliation of these non-GAAP financial measures.
14
President - Bonnell Aluminum
Bonnell Aluminum Business Update
Our Business: Aluminum Extrusions
Building & Construction, Automotive, Machinery & Equipment, Fabrication, Consumer Durables, Renewable Energy and more…
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Additional Product Lines
Structural and industrial aluminum framing systems
Aluminum flooring trims and transitions
17
0.4
( )
0.0
0.4
( )
0.8
14)
0.7
(15)
1.D
(15)
1.0
(16)
0.2
0.1
(2)
0.2
(3)
0.9
(16)
0.3
{6)
0.5
(8)
o.s
(sl
0.6
"'
0.7
(10)
1.4
1.7
(31)
1.9
(39)
1.9
(41)
2.2
(37)
2.2
(37)
2.2
(35)
(42)
Total Recordable (TRIR) & Lost Time Incident Rates (LTIR)
4
2
2014
2015
2016
2018
2019
2020
2021
2022
2023
2024
2025
2026
0
BONNELLALUMINUM.COM
18
Shipment Volume
(million pounds)
EBITDA
($ million)
33.8
34.6
35.2
34.G
35.8
37.2
37.G
40.7
41.3
$6.2
$G.3
$G.2
$G.7
$11.7
$12.5
$12.G
$15.7
$16.8
1Ǫ2024 2Ǫ2024 3Ǫ2024 4Ǫ2024 1Ǫ2025 2Ǫ2025 3Ǫ2025 4Ǫ2025 1Ǫ2026 1Ǫ2024 2Ǫ2024 3Ǫ2024 4Ǫ2024 1Ǫ2025 2Ǫ2025 3Ǫ2025 4Ǫ2025 1Ǫ2026
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The combination of tariffs and global instability is creating record-high metal input costs, ongoing supply risks, and planning challenges for aluminum extrusions manufacturers.
Section 232 Tariffs:
New orders fell 20% after tariffs increased to 50% in June 2025.
Updated Tariff Structure announced in April 2026 -Should be a constructive step forward to reduce the undervaluation of imports and support demand for domestic producers
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Disclaimer
Tredegar Corporation published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 13:14 UTC.