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• Tredegar is a diversified B2B industrial manufacturer, somewhat like a smaller **3M** or **DuPont**, specializing in high-performance plastic films and custom aluminum extrusions.
• An industrial components supplier providing specialized materials for other manufacturers, akin to **Illinois Tool Works (ITW)** but focused on advanced plastic films and aluminum extrusions.

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• Personal Care Films: Specialty plastic films engineered for use in hygiene products such as disposable diapers, feminine care, and adult incontinence products.
• Surface Protection Films: Protective plastic films designed to safeguard various surfaces during manufacturing, shipping, and installation processes.
• Aluminum Extrusions: Custom-fabricated aluminum components supplied to diverse industries, including building & construction, automotive, and general industrial markets.

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Tredegar Corporation (symbol: TG) primarily operates as a business-to-business (B2B) supplier, manufacturing and selling specialized plastic films and components to other companies.

While Tredegar's SEC filings indicate a concentration of customers (e.g., one customer accounted for approximately 11% of net sales in 2023), the company does not publicly disclose the names of its major customer companies in its financial reports or investor materials. This is common practice for B2B component manufacturers due to competitive reasons and confidentiality agreements.

Based on Tredegar's product lines and business segments, its major customers would generally fall into the following categories:

• Manufacturers of Personal Care and Hygiene Products: Tredegar's Film Products segment produces polyethylene and polypropylene films, elastic films, and apertured films primarily used as components in disposable hygiene products such as baby diapers, adult incontinence products, and feminine hygiene products. Therefore, major global and regional consumer goods companies that manufacture these items would be key customers. Examples of such companies (though not confirmed Tredegar customers) might include Procter & Gamble (NYSE: PG), Kimberly-Clark (NYSE: KMB), and Unicharm.
• Electronics and Display Manufacturers: The company also produces surface protection films designed for the temporary protection of flat panel displays (e.g., during manufacturing, assembly, and transport of LCD/OLED screens for televisions, monitors, and mobile devices) and other sensitive surfaces. Companies involved in the production of electronics and displays would likely be customers for these specialized films.
• Industrial and Specialty Product Manufacturers: Tredegar's films are also utilized in various other industrial applications. This includes manufacturers requiring specialized films for protective packaging, release liners, or other technical applications where film properties like strength, elasticity, and barrier function are critical.

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John M. Steitz, President and Chief Executive Officer

Mr. Steitz was named President and Chief Executive Officer of Tredegar Corporation in March 2019. He previously served as Chief Executive Officer of Addivant Corporation, a global supplier of polymer additives, from March 2015 until January 2019, and as President and Chief Operating Officer of PQ Corporation from October 2013 until March 2015. Mr. Steitz also served as Chief Operating Officer of Albemarle Corporation from April 2007 to March 2012. He was a director of Innophos Holdings, Inc., a producer of specialty grade phosphate products, from 2008 until its acquisition in 2020. Addivant, where he was CEO, merged with SI Group in 2018.

D. Andrew Edwards, Executive Vice President and Chief Financial Officer

Mr. Edwards was named Executive Vice President and Chief Financial Officer of Tredegar Corporation effective August 6, 2020. He had previously served as Vice President and Chief Financial Officer since July 20, 2015, after returning to the company. Prior to rejoining Tredegar, he was Chief Financial Officer of United Sporting Companies, Inc. since February 2013. From December 2009 to February 2013, Mr. Edwards held various capacities as a Vice President of Owens & Minor, Inc., including Acting Chief Financial Officer and Controller and Chief Accounting Officer. He previously served in various roles at Tredegar from 1992 through 2009, including as the company's Vice President, Chief Financial Officer and Treasurer from August 2003 to December 2009. Mr. Edwards is scheduled to retire effective December 31, 2025.

Kevin C. Donnelly, Executive Vice President, General Counsel and Corporate Secretary

Mr. Donnelly was named Executive Vice President and General Counsel and Corporate Secretary of Tredegar Corporation effective January 1, 2025. He had been Vice President and General Counsel and Corporate Secretary since January 1, 2021, and joined Tredegar in 2010, serving as Associate General Counsel since 2013. Prior to Tredegar, he was an associate at Hunton & Williams LLP.

W. Brook Hamilton, President, Bonnell Aluminum

Mr. Hamilton serves as the President of Bonnell Aluminum, a subsidiary of Tredegar Corporation.

Arijit DasGupta, President, Surface Protection

Mr. DasGupta was named President of Tredegar’s Surface Protection business unit in August 2015. He has been with Tredegar since 2007, most recently as Vice President, Surface Protection for Tredegar Film Products. Before joining Tredegar, he held leadership positions at Johns Manville, Solutia, and Monsanto. Mr. DasGupta holds a Ph.D. and Master of Science in polymer science, an Executive MBA, and a Bachelor of Science in chemistry.

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The key risks to Tredegar Corporation (TG) include significant customer concentration in its PE Films segment, the cyclical nature and economic sensitivity of its Aluminum Extrusions business, and vulnerability to raw material and energy cost volatility.

• Customer Concentration in PE Films: Tredegar's PE Films segment is highly dependent on a relatively small number of large customers. The top four customers for PE Films comprised approximately 16% of Tredegar's consolidated net sales in 2024. The loss or substantial reduction in sales from one or more of these key customers, without adequate replacement business, could have a material adverse effect on the company's financial condition.
• Cyclicality and Economic Dependence of Aluminum Extrusions: The sales volume and profitability of the Aluminum Extrusions segment are inherently cyclical and seasonal, with a strong reliance on broader economic conditions, particularly within the U.S. construction sector. Economic slowdowns can dampen demand for Tredegar's products, impacting this segment. Additionally, this segment has faced challenges such as manufacturing inefficiencies and tariff uncertainties, which have led to delayed orders and increased costs.
• Raw Material and Energy Cost Volatility: Tredegar's operational performance is significantly influenced by fluctuations in the costs of essential raw materials, such as aluminum for its Aluminum Extrusions segment and various resins for its PE Films, as well as energy inputs like natural gas, electricity, and diesel fuel. Rising raw material costs, specifically aluminum, have been noted as a factor eroding profit margins.

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The global push towards sustainability and circular economy models poses a significant emerging threat to Tredegar's Film Products segment. As consumers, brands, and regulators demand reduced reliance on single-use plastics and favor recyclable, compostable, or bio-based alternatives, Tredegar faces pressure to innovate its film compositions. Failure to adapt quickly and cost-effectively to these evolving material requirements, or a significant shift in market preference towards reusable personal care products, could diminish demand for its traditional film products and impact market share.

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Tredegar Corporation (TG) is expected to drive future revenue growth over the next two to three years through several key areas:

1. Growth in the Aluminum Extrusions Segment: Tredegar's Aluminum Extrusions segment has demonstrated robust growth, with notable increases in sales volume. This growth is primarily attributed to increased demand within the nonresidential building and construction markets. The company remains optimistic about further expanding its market presence in this segment.
2. Increased Sales Volume in Surface Protection Films (PE Films): The PE Films segment, specifically its surface protection films, has shown strong sales volume performance, even exceeding prior expectations. While some moderation is anticipated, this area is still considered a significant contributor to future revenue.
3. Expansion of Market Presence: A general but consistent theme in Tredegar's outlook is its focus on expanding its market presence. This strategic initiative aims to sustain its upward growth trajectory across its business segments.
4. Product Innovation and Performance Enhancement in PE Films: Tredegar's research and development efforts in its PE Films segment are concentrated on improving film performance in critical areas such as seal integrity, printability, and sustainability. These advancements are crucial for meeting evolving customer and regulatory demands, thereby supporting new applications and maintaining a competitive edge.

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Share Repurchases

• Tredegar did not repurchase any shares in the open market in 2022, 2023, or 2024 under its standing authorization.
• The maximum number of shares remaining under this authorization was 1,732,003 at December 31, 2024.

Share Issuance

• As of March 7, 2025, there were 34,676,675 shares of common stock held by shareholders of record, including 772,116 unvested restricted shares granted to employees.
• Issued and outstanding shares were 34,892,602 at September 30, 2025, compared to 34,661,272 shares at December 31, 2024.

Outbound Investments

• Tredegar completed the sale of its Flexible Packaging Films business (Terphane) on November 1, 2024, using the cash proceeds to pay down debt.
• In February 2025, the company received an additional $9.8 million from post-closing settlement of the Terphane transaction.

Capital Expenditures

• Management projects total capital expenditures of $19 million for 2025, with $17 million allocated to Aluminum Extrusions and $2 million to PE Films.
• These projected 2025 capital expenditures include $5 million for Aluminum Extrusions productivity projects, $1 million for PE Films productivity projects, and $13 million to support continuity of operations across both segments.
• Capital expenditures for the first six months of 2025 totaled $5.6 million.