NYSE: TG

Aluminum Extrusions manufactures mill (unfinished), machined, anodized and painted, and thermally improved aluminum extrusions for sale directly to fabricators and distributors. It also manufactures and sells branded product lines: Futura TransitionsTM by Bonnell Aluminum (flooring trims) and TSLOTSTM by Bonnell Aluminum (structural aluminum framing systems). Aluminum Extrusions competes primarily on the basis of product quality, service and price. Sales are made predominantly in the U.S. The end-use markets for Aluminum Extrusions are cyclical and seasonal in nature.

The end-uses in each of Aluminum Extrusions’ primary market segments include:

Major MarketsEnd-Uses

Building & construction (“B&C”) - nonresidential
Commercial windows and doors, curtain walls, storefronts and entrances, automatic entry doors, walkway covers, ducts, louvers and vents, office wall panels, partitions and interior enclosures, acoustical walls and ceilings, point of purchase displays, pre-engineered structures, and flooring trims (Futura TransitionsTM by Bonnell Aluminum)

B&C - residentialResidential windows and doors, shower and tub enclosures, railing and support systems, venetian blinds, and swimming pools

Automotive & transportation Automotive and light truck structural components, battery enclosures for electric vehicles, after-market automotive accessories, grills for heavy trucks, travel trailers and recreation vehicles

Consumer durables Office furniture, pleasure boats, refrigerators and freezers, appliances and sporting goods

Machinery & equipment
Material handling equipment, conveyor systems, medical equipment, industrial fans and aluminum framing systems (TSLOTSTM by Bonnell Aluminum)

Distribution (metal service centers specializing in stock and release programs and custom fabrications to small manufacturers) Various custom profiles including storm shutters, pleasure boat accessories, theater set structures and various standard profiles (including rod, bar, tube and pipe)

Electrical & renewable energy Lighting fixtures, electronic apparatus, solar panel brackets and rigid and flexible conduits

1

Aluminum Extrusions’ net sales (sales less freight) by market segment for the years ended December 31, 2025, 2024 and 2023 is shown below:

% of Aluminum Extrusions Net Sales1 by Market Segment

202520242023

B&C:

Nonresidential54%56%57%

Residential7%8%8%

Automotive7%8%10%

Specialty:

Consumer durables8%7%8%

Machinery & equipment12%11%9%

Electrical9%8%5%

Distribution3%2%3%

Total100%100%100%

1. The Company uses 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 Item 15 of this Form 10-K.

In 2025, 2024 and 2023, Aluminum Extrusions net sales accounted for approximately 86%, 82% and 86% of Tredegar’s consolidated net sales, respectively.

Open Orders. Overall open orders in Aluminum Extrusions were approximately $70.4 million, or 17 million pounds, at December 31, 2025 compared to approximately $55.0 million, or 17 million pounds, at December 31, 2024, an increase of $15.4 million, or approximately 28%. This level of open orders falls below the normalized level that is typically associated with stable demand patterns and healthy market dynamics. Sales volume for Aluminum Extrusions, which the Company believes is cyclical and seasonal in nature due to its end-use markets, was 157.1 million pounds in 2025, 139.2 million pounds in 2024 and 138.5 million pounds in 2023.

Raw Materials. The primary raw materials used by Aluminum Extrusions consist of aluminum ingot, aluminum scrap and various alloys, which are purchased from domestic and foreign producers in open-market purchases and under annual contracts. Refer to Item 7A. "Quantitative and Qualitative Disclosures About Market Risk” of this Form 10-K (“Item 7A”) for additional information on aluminum price trends. 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.

High Performance Films

High Performance Films produces surface protection films, advanced packaging films and films for other markets. Tredegar’s Surface Protection unit produces single- and multi-layer surface protection films sold under the UltraMask®, ForceField™, ForceField PEARL®, Pearl A™ and Obsidian™ brand names. These films, which are manufactured at facilities in the U.S. and China, support manufacturers of optical and other specialty substrates used in high-technology applications, most notably protecting high-value components of flat panel and flexible displays used in televisions, monitors, notebooks, smartphones, tablets, e-readers, electronic shelf labels, automobiles and flexible solar panels during the manufacturing and transportation processes. The Obsidian™ series of products is designed for usage in automotive applications. In 2025, 2024 and 2023, High Performance Films accounted for approximately 14%, 18% and 14% of Tredegar’s consolidated net sales, respectively.

Raw Materials. The primary raw materials used by High Performance Films are polyethylene and polypropylene resins. These raw materials are obtained from domestic and foreign suppliers at competitive prices. Refer to Item 7A for additional information on resin price trends. High Performance Films believes that there will be an adequate supply of polyethylene and polypropylene resins in the foreseeable future.

2

Customers. High Performance Films’ products are sold primarily in the U.S. and Asia, with the top four customers, collectively, comprising 88% of its net sales in 2025 and in 2024 and 87% in 2023. No single High Performance Films customer exceeds 10% of Tredegar’s consolidated net sales. For additional information, see