What changed in this filing

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Item 1. Financial Statements

2025-11-07 compared with 2025-08-08 · 93 added, 93 removed, 589 unchanged (24% of the section changed)

3 unchanged sentences

(In Thousands, Except Share Data)

June 30, December 31,

September 30, December 31,

Current assets:

31 unchanged sentences

Shareholders’ equity:

Common stock, no par value (authorized shares 150,000,000 , issued and outstanding 34,876,616 shares at June 30, 2025 and 34,661,272 shares at December 31, 2024)

Common stock, no par value (authorized shares 150,000,000 , issued and outstanding 34,892,602 shares at September 30, 2025 and 34,661,272 shares at December 31, 2024)

65,299 63,590

Common stock held in trust for savings restoration plan ( 118,543 shares at June 30, 2025 and December 31, 2024)

Common stock held in trust for savings restoration plan ( 118,542 shares at September 30, 2025 and 118,543 shares at December 31, 2024)

( 2,233 ) ( 2,233 )

10 unchanged sentences

(In Thousands, Except Per Share Data)

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

32 unchanged sentences

(In Thousands)

Three Months Ended June 30,

Three Months Ended September 30,

Net income (loss) $ 7,074 $ ( 3,946 )

Other comprehensive income (loss):

Unrealized foreign currency translation adjustment ($ 0 tax in 2025 and net of tax benefit of $ 691 in 2024)

Derivative financial instruments adjustment (net of tax expense of $ 171 in 2025 and net of tax benefit of $ 253 in 2024)

Unrealized foreign currency translation adjustment ($ 0 tax in 2025 and net of tax expense of $ 4 in 2024)

Derivative financial instruments adjustment (net of tax expense of $ 48 in 2025 and net of tax expense of $ 120 in 2024)

Amortization of prior service costs and net gains or losses (net of tax benefit of $ 14 in 2025 and net of tax benefit of $ 7 in 2024)

2 unchanged sentences

Comprehensive income (loss) $ 7,347 $ ( 2,054 )

Six Months Ended June 30,

Nine Months Ended September 30,

Net income (loss) $ 18,906 $ 8,134

1 unchanged sentence

Unrealized foreign currency translation adjustment ($ 0 tax in 2025 and net of tax benefit of $ 466 in 2024)

Derivative financial instruments adjustment (net of tax expense of $ 103 in 2025 and net of tax benefit of $ 393 in 2024)

229 ( 5,740 )

Derivative financial instruments adjustment (net of tax expense of $ 151 in 2025 and net of tax benefit of $ 273 in 2024)

Amortization of prior service costs and net gains or losses (net of tax benefit of $ 52 in 2025 and net of tax benefit of $ 23 in 2024)

6 unchanged sentences

(In Thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Cash flows from operating activities:

39 unchanged sentences

(In Thousands, Except Share and Per Share Data)

The following summarizes the changes in shareholders’ equity for the three month period ended June 30, 2025:

The following summarizes the changes in shareholders’ equity for the three month period ended September 30, 2025:

Common Stock Retained Earnings Trust for Savings Restoration Plan Accumulated Other Comprehensive Income (Loss) Total Shareholders’ Equity

Balance April 1, 2025

Balance July 1, 2025

$ 64,561 $ 125,244 $ ( 2,233 ) $ 6,534 $ 194,106

4 unchanged sentences

Stock-based compensation expense 738 — — — 738

Repurchase of employee common stock for tax withholdings ( 359 ) — — — ( 359 )

Balance June 30, 2025

Balance September 30, 2025

$ 65,299 $ 132,318 $ ( 2,233 ) $ 6,807 $ 202,191

The following summarizes the changes in shareholders’ equity for the six month period ended June 30, 2025:

The following summarizes the changes in shareholders’ equity for the nine month period ended September 30, 2025:

Common Stock Retained Earnings Trust for Savings Restoration Plan Accumulated Other Comprehensive Income (Loss) Total Shareholders’ Equity

7 unchanged sentences

Repurchase of employee common stock for tax withholdings ( 589 ) — — — ( 589 )

Balance June 30, 2025

Balance September 30, 2025

$ 65,299 $ 132,318 $ ( 2,233 ) $ 6,807 $ 202,191

The following summarizes the changes in shareholders’ equity for the three month period ended June 30, 2024:

The following summarizes the changes in shareholders’ equity for the three month period ended September 30, 2024:

Stock Retained

3 unchanged sentences

Shareholders’

Balance at April 1, 2024 $ 61,959 $ 181,265 $ ( 2,233 ) $ ( 84,176 ) $ 156,815

Balance at July 1, 2024 $ 62,493 $ 190,057 $ ( 2,233 ) $ ( 90,353 ) $ 159,964

Net income (loss) — ( 3,946 ) — — ( 3,946 )

3 unchanged sentences

Stock-based compensation expense 538 — — — 538

Balance at June 30, 2024 $ 62,493 $ 190,057 $ ( 2,233 ) $ ( 90,353 ) $ 159,964

The following summarizes the changes in shareholders’ equity for the six month period ended June 30, 2024:

Balance at September 30, 2024 $ 63,031 $ 186,111 $ ( 2,233 ) $ ( 88,461 ) $ 158,448

The following summarizes the changes in shareholders’ equity for the nine month period ended September 30, 2024:

Stock Retained

10 unchanged sentences

Repurchase of employee common stock for tax withholdings ( 226 ) — — — ( 226 )

Balance at June 30, 2024 $ 62,493 $ 190,057 $ ( 2,233 ) $ ( 90,353 ) $ 159,964

Balance at September 30, 2024 $ 63,031 $ 186,111 $ ( 2,233 ) $ ( 88,461 ) $ 158,448

See accompanying notes to the condensed consolidated financial statements.

2 unchanged sentences

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

In the opinion of management, the accompanying condensed consolidated financial statements of Tredegar Corporation and its subsidiaries (“Tredegar,” “the Company,” “we,” “us” or “our”) contain all adjustments necessary to state fairly, in all material respects, Tredegar’s condensed consolidated financial position as of June 30, 2025, the condensed consolidated results of operations for the three and six months ended June 30, 2025 and 2024, the condensed consolidated cash flows for the six months ended June 30, 2025 and 2024, and the condensed consolidated changes in shareholders’ equity for the three and six months ended June 30, 2025 and 2024, in accordance with U.S.

In the opinion of management, the accompanying condensed consolidated financial statements of Tredegar Corporation and its subsidiaries (“Tredegar,” “the Company,” “we,” “us” or “our”) contain all adjustments necessary to state fairly, in all material respects, Tredegar’s condensed consolidated financial position as of September 30, 2025, the condensed consolidated results of operations for the three and nine months ended September 30, 2025 and 2024, the condensed consolidated cash flows for the nine months ended September 30, 2025 and 2024, and the condensed consolidated changes in shareholders’ equity for the three and nine months ended September 30, 2025 and 2024, in accordance with U.S.

generally accepted accounting principles (“GAAP”).

1 unchanged sentence

The Company operates on a calendar fiscal year except for the Aluminum Extrusions segment, which operates on a 52/53-week fiscal year basis.

As such, the fiscal second quarter for 2025 and 2024 for this segment references 13-week periods ended June 29, 2025 and June 30, 2024, respectively.

As such, the fiscal third quarter for 2025 and 2024 for this segment references 13-week periods ended September 28, 2025 and September 29, 2024, respectively.

The Company does not believe the impact of reporting the results of this segment as stated above is material to the consolidated financial results.

1 unchanged sentence

As a result, the Company’s cash and cash equivalents declined by $ 3.6 million as of December 31, 2024 since the Company made payments to the Aluminum Extrusions segment to fund its working capital during the intervening period.

There was no intercompany funding with Aluminum Extrusions between June 29, 2025 and June 30, 2025.

There was no intercompany funding with Aluminum Extrusions between September 28, 2025 and September 30, 2025.

The condensed consolidated financial statements as of December 31, 2024 that is included herein was derived from the audited consolidated financial statements provided in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”) but does not include all disclosures required by GAAP.

These financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the 2024 Form 10-K.

The results of operations for the three and six months ended June 30, 2025, are not necessarily indicative of the results to be expected for the full year.

The results of operations for the three and nine months ended September 30, 2025, are not necessarily indicative of the results to be expected for the full year.

Sale of Flexible Packaging Films

27 unchanged sentences

ACCOUNTS AND OTHER RECEIVABLES

As of June 30, 2025 and December 31, 2024, accounts and other receivables, net include the following:

(In thousands) June 30, 2025 December 31, 2024

As of September 30, 2025 and December 31, 2024, accounts and other receivables, net include the following:

(In thousands) September 30, 2025 December 31, 2024

Customer receivables $ 86,892 $ 64,094

4 unchanged sentences

The components of inventories are as follows:

(In thousands) June 30, 2025 December 31, 2024

(In thousands) September 30, 2025 December 31, 2024

Finished goods $ 15,063 $ 15,051

11 unchanged sentences

Effective December 31, 2005, further participation in this plan was terminated and benefit accruals for existing participants were frozen.

Pension expense recognized for this plan was immaterial in the three and six months ended June 30, 2025 and 2024.

This information has been included in the pension benefit table below.

The components of net periodic benefit cost for the pension and other postretirement benefit programs reflected in the condensed consolidated statements of income for the three and six months ended June 30, 2025 and 2024, are shown below:

Pension expense recognized for this plan was immaterial in the three and nine months ended September 30, 2025 and 2024.

In addition to providing non-qualified supplemental pension benefits, the Company provides postretirement life insurance and health care benefits ("Other Post-Retirement Benefits") for certain groups of employees.

Tredegar and retirees share in the costs with employees hired on or before January 1, 1993, who receive a fixed subsidy to cover a portion of their health care premiums.

On October 31, 2025, Tredegar terminated the Other Post-Retirement Benefits by prefunding $ 0.1 million, representing all required contributions for the remainder of 2025.

As of September 30, 2025, the Other Post-Retirement Benefits total obligation and unrecognized pre-tax actuarial gain reported in the condensed consolidated balance sheets is $ 5.0 million and $ 1.3 million, respectively, which is expected to be realized into the income statement during the fourth quarter of 2025.

The components of net periodic benefit cost for the pension and Other Post-Retirement Benefits reflected in the condensed consolidated statements of income for the three and nine months ended September 30, 2025 and 2024, are shown below:

Pension Benefits Other Post-Retirement Benefits

Three Months Ended June 30, Three Months Ended June 30,

Three Months Ended September 30, Three Months Ended September 30,

(In thousands) 2025 2024 2025 2024

4 unchanged sentences

Pension Benefits Other Post-Retirement Benefits

Six Months Ended June 30, Six Months Ended June 30,

Nine Months Ended September 30, Nine Months Ended September 30,

(In thousands) 2025 2024 2025 2024

3 unchanged sentences

Net periodic benefit cost $ 73 $ 72 $ ( 43 ) $ 91

Pension and other postretirement liabilities were $ 6.4 million and $ 6.6 million at June 30, 2025 and December 31, 2024, respectively ($ 0.6 million included in “Accrued expenses” at June 30, 2025 and December 31, 2024 with the remainder included in “Pension and other postretirement benefit obligations, net” in the condensed consolidated balance sheets).

Tredegar funds its other postretirement benefits on a claims-made basis;

for 2025, the Company anticipates the amount will be consistent with amounts paid for the year ended December 31, 2024, or approximately $ 0.4 million.

Pension and other postretirement liabilities were $ 6.4 million and $ 6.6 million at September 30, 2025 and December 31, 2024, respectively ($ 0.6 million included in “Accrued expenses” at September 30, 2025 and December 31, 2024 with the remainder included in “Pension and other postretirement benefit obligations, net” in the condensed consolidated balance sheets).

EARNINGS PER SHARE

1 unchanged sentence

Diluted earnings per share is computed by dividing net income (loss) by the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

(In thousands) 2025 2024 2025 2024

3 unchanged sentences

Incremental shares attributable to stock options and restricted stock are computed under the treasury stock method using the average market price during the related period.

Average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 1,245,367 and 1,285,628 for the three and six months ended June 30, 2025, respectively.

Average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 2,427,051 and 2,648,861 for the three and six months ended June 30, 2024, respectively.

Average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 1,205,105 and 1,258,787 for the three and nine months ended September 30, 2025, respectively.

If the Company had reported net income from continuing operations for the three months ended September 30, 2024, average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options and restricted stock would have been 2,353,905 .

Average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 2,550,542 for the nine months ended September 30, 2024.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The changes in accumulated other comprehensive income (loss) by component for the three months ended June 30, 2025.

The changes in accumulated other comprehensive income (loss) by component for the three months ended September 30, 2025.

(In thousands) Foreign Currency Translation Gain (Loss) on Derivative Financial Instruments Pension & Other Postretirement Benefit Adjust Total Accumulated Other Comprehensive Income (Loss)

Balance at April 1, 2025 $ 5,132 $ 70 $ 737 $ 5,939

Balance at July 1, 2025 $ 5,180 $ 666 $ 688 $ 6,534

Other comprehensive income (loss) 154 829 — 983

5 unchanged sentences

Other comprehensive income (loss), net of tax 154 168 ( 49 ) 273

Balance at June 30, 2025

Balance at September 30, 2025

$ 5,334 $ 834 $ 639 $ 6,807

The changes in accumulated other comprehensive income (loss) by component for the six months ended June 30, 2025.

The changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2025.

(In thousands) Foreign Currency Translation Gain (Loss) on Derivative Financial Instruments Pension & Other Postretirement Benefit Adjust Total Accumulated Other Comprehensive Income (Loss)

7 unchanged sentences

Other comprehensive income (loss), net of tax 229 566 ( 187 ) 608

Balance at June 30, 2025

Balance at September 30, 2025

$ 5,334 $ 834 $ 639 $ 6,807

The changes in accumulated other comprehensive income (loss) by component for the three months ended June 30, 2024.

The changes in accumulated other comprehensive income (loss) by component for the three months ended September 30, 2024.

(In thousands) Foreign Currency Translation Gain (Loss) on Derivative Financial Instruments Pension & Other Postretirement Benefit Adjust Total Accumulated Other Comprehensive Income (Loss)

Balance at April 1, 2024 $ ( 84,985 ) $ 297 $ 512 $ ( 84,176 )

Balance at July 1, 2024 $ ( 90,273 ) $ ( 564 ) $ 484 $ ( 90,353 )

Other comprehensive income (loss) 1,500 262 — 1,762

5 unchanged sentences

Other comprehensive income (loss), net of tax 1,496 423 ( 27 ) 1,892

Balance at June 30, 2024

Balance at September 30, 2024

$ ( 88,777 ) $ ( 141 ) $ 457 $ ( 88,461 )

The changes in accumulated other comprehensive income (loss) by component for the six months ended June 30, 2024.

The changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2024.

(In thousands) Foreign Currency Translation Gain (Loss) on Derivative Financial Instruments Pension & Other Postretirement Benefit Adjust Total Accumulated Other Comprehensive Income (Loss)

7 unchanged sentences

Other comprehensive income (loss), net of tax ( 5,740 ) ( 942 ) ( 82 ) ( 6,764 )

Balance at June 30, 2024

Balance at September 30, 2024

$ ( 88,777 ) $ ( 141 ) $ 457 $ ( 88,461 )

The amounts reclassified out of accumulated other comprehensive income (loss) related to pension and other postretirement benefits is included in the computation of net periodic pension costs.

The amounts reclassified out of accumulated other comprehensive income (loss) related to pension and Other Post-Retirement Benefits is included in the computation of net periodic pension costs.

See Note 4 for additional details.

5 unchanged sentences

In order to hedge margin exposure created from the fixing of future sales prices relative to volatile raw material (aluminum) costs, Aluminum Extrusions enters into a combination of forward purchase commitments and futures contracts to acquire or hedge aluminum, based on the scheduled purchases for the firm sales commitments.

The fixed-price firm sales commitments and related hedging instruments have durations generally no longer than 12 months.

The notional amount of aluminum futures contracts that hedged future

purchases of aluminum to meet fixed-price forward sales contract obligations was $ 7.9 million ( 5.1 million pounds of aluminum) at June 30, 2025 and $ 4.3 million ( 3.1 million pounds of aluminum) at December 31, 2024.

The table below summarizes the location and gross amounts of aluminum futures contract fair values (Level 2) in the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024:

June 30, 2025 December 31, 2024

The fixed-price firm sales commitments and related hedging instruments

have durations generally no longer than 12 months.

The notional amount of aluminum futures contracts that hedged future purchases of aluminum to meet fixed-price forward sales contract obligations was $ 6.0 million ( 3.7 million pounds of aluminum) at September 30, 2025 and $ 4.3 million ( 3.1 million pounds of aluminum) at December 31, 2024.

The table below summarizes the location and gross amounts of aluminum futures contract fair values (Level 2) in the condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024:

September 30, 2025 December 31, 2024

(In thousands) Balance Sheet

12 unchanged sentences

In the event that a counterparty to an aluminum fixed-price forward sales contract chooses not to take delivery of its aluminum extrusions, the customer is contractually obligated to compensate Aluminum Extrusions for any losses on the related aluminum futures and/or forward contracts through the date of cancellation.

The pre-tax effect on net income (loss) and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three and six month periods ended June 30, 2025 and 2024 is summarized in the table below:

The pre-tax effect on net income (loss) and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three and nine month periods ended September 30, 2025 and 2024 is summarized in the table below:

Cash Flow Derivative Hedges

Three Months Ended June 30,

Three Months Ended September 30,

Aluminum Futures Contracts

3 unchanged sentences

Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion) $ 612 $ ( 153 )

Six Months Ended June 30,

Nine Months Ended September 30,

Aluminum Futures Contracts

2 unchanged sentences

Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion) $ 581 $ ( 662 )

As of June 30, 2025, the Company expects $ 0.6 million of unrealized after-tax gains on aluminum derivative instruments reported in accumulated other comprehensive income (loss) to be reclassified to earnings within the next 12 months.

For the three and six month periods ended June 30, 2025 and 2024, net gains or losses realized, from previously unrealized net gains or losses on hedges that had been discontinued, were not material.

Tredegar recorded tax expense (benefit) of $ 1.6 million on pre-tax income (loss) from continuing operations of $ 4.1 million in the first six months of 2025.

The effective tax rate in the first six months of 2025 was 38.4 % and 16.6 % in the first six months of 2024.

The effective tax rate in the first six months of 2025 was impacted by taxable discrete items, including stock-based compensation, and lower book income.

As of September 30, 2025, the Company expects $ 0.8 million of unrealized after-tax gains on aluminum derivative instruments reported in accumulated other comprehensive income (loss) to be reclassified to earnings within the next 12 months.

For the three and nine month periods ended September 30, 2025 and 2024, net gains or losses realized, from previously unrealized net gains or losses on hedges that had been discontinued, were not material.

Tredegar recorded tax expense (benefit) of $ 3.6 million on pre-tax income (loss) from continuing operations of $ 13.2 million in the first nine months of 2025.

The effective tax rate in the first nine months of 2025 was 27.1 % and 27.5 % in the first nine months of 2024.

The effective tax rate in the first nine months of 2025 and the first nine months of 2024 was impacted by taxable discrete items, including stock-based compensation.

On July 4, 2025, new U.S.

2 unchanged sentences

corporate tax provisions, which have various effective dates.

The Company is currently evaluating the impact of the new legislation but does not expect it to have a material impact on the results of operations.

T he OBBBA did not have a material impact on the Company's tax provision and effective rate for 2025.

BUSINESS SEGMENTS

10 unchanged sentences

This measure is separately included in the financial information regularly provided to the CODM.

The following tables present segment revenue, segment profit (loss), and significant expenses for the three months ended June 30, 2025 and 2024:

Three Months Ended June 30, 2025

The following tables present segment revenue, segment profit (loss), and significant expenses for the three months ended September 30, 2025 and 2024:

Three Months Ended September 30, 2025

(In thousands) Aluminum Extrusions PE Films Total

24 unchanged sentences

Includes corporate depreciation and amortization.

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

(In thousands) Aluminum Extrusions PE Films Total

8 unchanged sentences

8,549 3,173 11,722

( 172 ) ( 25 ) ( 197 )

EBITDA from ongoing operations $ 6,177 $ 5,876 $ 12,053

14 unchanged sentences

Includes corporate depreciation and amortization.

The following tables present segment revenue, segment profit (loss), and significant expenses for the six months ended June 30, 2025 and 2024:

Six Months Ended June 30, 2025

The following tables present segment revenue, segment profit (loss), and significant expenses for the nine months ended September 30, 2025 and 2024:

Nine Months Ended September 30, 2025

(In thousands) Aluminum Extrusions PE Films Total

24 unchanged sentences

Includes corporate depreciation and amortization.

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

(In thousands) Aluminum Extrusions PE Films Total

24 unchanged sentences

Includes corporate depreciation and amortization.

The following table presents identifiable assets by segment at June 30, 2025 and December 31, 2024:

(In thousands) June 30, 2025 December 31, 2024

The following table presents identifiable assets by segment at September 30, 2025 and December 31, 2024:

(In thousands) September 30, 2025 December 31, 2024

Aluminum Extrusions $ 269,664 $ 247,205

5 unchanged sentences

Total $ 378,806 $ 356,357

The following table presents depreciation and amortization for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, Six Months Ended June 30,

The following table presents depreciation and amortization for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30, Nine Months Ended September 30,

(In thousands) 2025 2024 2025 2024

5 unchanged sentences

Total $ 5,462 $ 6,477 $ 16,360 $ 19,782

The following table presents capital expenditures for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, Six Months Ended June 30,

The following table presents capital expenditures for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30, Nine Months Ended September 30,

(In thousands) 2025 2024 2025 2024

4 unchanged sentences

Total $ 3,608 $ 2,914 $ 9,246 $ 7,696

The following tables disaggregate the Company’s revenue by geographic area and product group for the three and six months ended June 30, 2025 and 2024:

The following tables disaggregate the Company’s revenue by geographic area and product group for the three and nine months ended September 30, 2025 and 2024:

Net Sales by Geographic Area (a)

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

(In thousands) 2025 2024 2025 2024

11 unchanged sentences

Amounts associated with this intercompany tolling arrangement are reported in the table above as export sales from the U.S.

to Asia, and include net sales of $ 6.3 million and $ 6.7 million in the second quarter of 2025 and 2024, respectively, and $ 12.9 million and $ 12.8 million in the first six months of 2025 and 2024, respectively.

to Asia, and include net sales of $ 6.7 million and $ 6.5 million in the third quarter of 2025 and 2024, respectively, and $ 19.7 million and $ 19.1 million in the first nine months of 2025 and 2024, respectively.

Net Sales by Product Group

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

(In thousands) 2025 2024 2025 2024

19 unchanged sentences

5 extended the maturity date of the ABL Facility to May 6, 2030.

As of June 30, 2025, funds available to borrow under the ABL Facility was $ 50.6 million, or 40.5 % of the aggregate commitment of $ 125 million.

As of September 30, 2025, funds available to borrow under the ABL Facility was $ 72.5 million, or 58.0 % of the aggregate commitment of $ 125 million.

During the third quarter of 2025, the Company's letters of credit have been reduced from approximately $ 12 million to $ 3 million, which directly increases the Company's borrowing availability.

Outstanding borrowings accrue interest at the rates elected by the Company depending on the type of loan and denomination of such borrowing.

25 unchanged sentences

Accordingly, the Company believes the likelihood that lenders would exercise the subjective acceleration clause whereby prohibiting future borrowings is remote.

As of June 30, 2025, the Company was in compliance with all debt covenants.

As of September 30, 2025, the Company was in compliance with all debt covenants.

PE Films Guangzhou Loan

3 unchanged sentences

The interest rate was the one year loan prime rate published by the National Interbank Funding Center for the working day immediately preceding the drawdown date, minus 0.45 %.

As of June 30, 2025, the interest rate on the outstanding loan balance was 2.90 %.

As of September 30, 2025, there was no outstanding loan balance.

The revolving loan was secured by a mortgage contract listing the Guangzhou Tredegar factory building as collateral.

1 unchanged sentence

Guangzhou Tredegar has the option to enter into additional loan contracts with the Industrial and Commercial Bank of China for the duration of the mortgage contract.

As of June 30, 2025 and December 31, 2024, this loan is presented as current debt on the consolidated balance sheets.

As of December 31, 2024, this loan was presented as current debt on the consolidated balance sheets.

DISCONTINUED OPERATIONS

7 unchanged sentences

Upon completion of the sale, the Company recognized a pre-tax loss of $ 74.9 million for the year ended December 31, 2024, which included the realization of other comprehensive losses on foreign currency translation adjustments, net of gains on derivative financial instruments of $ 102.3 million previously reflected in accumulated other comprehensive income (loss).

The following table summarizes the financial results of discontinued operations reflected in the Condensed Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, Six Months Ended June 30,

The following table summarizes the financial results of discontinued operations reflected in the Condensed Consolidated Statements of Income (Loss) for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30, Nine Months Ended September 30,

(In thousands) 2025 2024 2025 2024

15 unchanged sentences

Income tax expense (benefit) 2

— 2,006 — 279

Income (loss) from discontinued operations, net of tax $ ( 35 ) $ ( 557 ) $ 9,297 $ ( 251 )

For the three and six months ended June 30, 2024, interest expense includes $ 0.6 million and $ 1.2 million, respectively, directly related to the $ 20 million of outstanding Terphane debt assumed by Oben.

An inconsequential income tax expense (benefit) was recognized during the three and six months ended June 30, 2025 primarily due to foreign tax credits generated from the final Brazilian withholding tax payment made during the periods, which offset the tax liability on the income from discontinued operations.

For the three and nine months ended September 30, 2024, interest expense includes $ 0.6 million and $ 1.8 million, respectively, directly related to the $ 20 million of outstanding Terphane debt assumed by Oben.

An inconsequential income tax expense (benefit) was recognized during the three and nine months ended September 30, 2025, primarily due to foreign tax credits generated from the final Brazilian withholding tax payment made during the periods, which offset the tax liability on the income from discontinued operations.

Interest expense allocated to discontinued operations was determined by applying the ABL Facility weighted-average interest rate to the Terphane sale proceeds, as the sale proceeds were required to be used to pay down debt outstanding under the ABL Facility.

The assets and liabilities of the discontinued operations reflected in the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024, respectively, were as follows:

(In thousands) June 30, 2025 December 31, 2024

The assets and liabilities of the discontinued operations reflected in the Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, respectively, were as follows:

(In thousands) September 30, 2025 December 31, 2024

Deferred income taxes $ — $ 126

6 unchanged sentences

The following table provides significant operating, investing and financing cash flow information for discontinued operations:

Six Months Ended June 30,

Nine Months Ended September 30,

(In thousands) 2025 2024

8 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements