What changed in this filing

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Item 1. Business

2026-03-11 compared with 2025-03-12 · 29 added, 22 removed, 111 unchanged (31% of the section changed)

Description of Business

Tredegar Corporation is engaged, through its subsidiaries, in the manufacture of aluminum extrusions and polyethylene and polypropylene (“PE”) plastic films.

Tredegar Corporation is engaged, through its subsidiaries, in the manufacture of aluminum extrusions and polyethylene and polypropylene plastic films.

Unless the context requires otherwise, all references herein to “Tredegar,” “the Company,” “we,” “us” or “our” are to Tredegar Corporation and its consolidated subsidiaries.

The Company's reportable business segments are Aluminum Extrusions and PE Films.

On November 1, 2024, the Company completed the sale of its flexible packaging films business (also referred to as “Terphane”) headquartered in Brazil to Oben Group (“Oben”).

Commencing in the fourth quarter of 2024, all historical results for Terphane have been presented as discontinued operations.

In the fourth quarter of 2025, the Company renamed the segment formerly known as “PE Films.” This segment will be referred to as “High Performance Films” going forward.

The product previously known as polyethylene overwrap films was renamed to advanced packaging films.

There were no changes to the operations reported within the High Performance Films segment.

The Company continues to have two reportable segments:

Aluminum Extrusions and High Performance Films.

On November 1, 2024, the Company completed the sale of its flexible packaging films business (also referred to as “Terphane”) headquartered in Brazil to Oben Group.

All historical results for Terphane have been presented as discontinued operations.

For more information on this transaction, see Note 15.

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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 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.

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.

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"Quantitative and Qualitative Disclosures About Market Risk” of this Form 10-K (“Item 7A”) for additional information on aluminum price trends.

Aluminum Extrusions believes that it has adequate supply agreements for aluminum and other product cost components in 2025.

PE Films produces surface protection films, polyethylene overwrap films and films for other markets.

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 and automobiles during the manufacturing and transportation processes.

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 2024, 2023 and 2022, PE Films accounted for approximately 18%, 14% and 13% of Tredegar’s consolidated net sales, respectively.

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 PE Films are polyethylene and polypropylene resins.

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.

PE Films believes that there will be an adequate supply of polyethylene and polypropylene resins in the foreseeable future.

PE Films’ products are sold primarily in the U.S.

and Asia, with the top four customers, collectively, comprising 88% of its net sales in 2024, 87% in 2023 and 88% in 2022.

No single PE Films customer exceeds 10% of Tredegar’s consolidated net sales.

High Performance Films believes that there will be an adequate supply of polyethylene and polypropylene resins in the foreseeable future.

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 Item 1A.

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Intellectual Property .

Tredegar considers patents, licenses and trademarks to be material to PE Films.

On December 31, 2024, PE Films held 32 patents (including 6 U.S.

Tredegar considers patents, licenses and trademarks to be material to High Performance Films.

On December 31, 2025, High Performance Films held 30 patents (including 6 U.S.

patents), and 12 registered trademarks (including 5 U.S.

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however, environmental standards tend to become more stringent over time.

Therefore, in order to comply with current or future environmental legislation or regulations, the Company may be subject to additional capital expenditures, operating expenses or other compliance costs, the amounts and timing of which are not presently determinable, but which could be significant, including constructing new facilities or modifying existing facilities.

In addition, in this time of increased accountability in supply chains, some customers are requesting that the Company demonstrate alignment with the customer’s own sustainability commitments.

Therefore, in order to comply with current or future environmental legislation or regulations and customer requirements, the Company may be subject to additional capital expenditures, operating expenses or other compliance costs, the amounts and timing of which are not presently determinable, but which could be significant, including constructing new facilities or modifying existing facilities.

Like environmental regulations, current or future workplace safety, privacy and anti-corruption and anti-bribery legislation or regulations may subject the Company to additional capital expenditures, operating expenses or other compliance costs, the amounts and timing of which are not presently determinable but could be significant.

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The labor union representing employees at Bonnell Aluminum’s Newnan Plant ratified a new collective bargaining agreement in January 2025.

Tredegar will negotiate with the labor union representing employees in PE Films’s Pottsville Plant later in 2025.

Similarly, the labor union representing employees in High Performance Films’s Pottsville Plant ratified a new collective bargaining agreement in November 2025.

Health and Safety

Tredegar has continuously exceeded the industry standards for safety in each of its respective manufacturing sectors.

The Company uses various forms of employee safety metrics to assess the health and safety performance of its Aluminum Extrusion and PE Films operations, including employee safety data which is available on the Company’s website at www.tredegar.com/about-tredegar/our-broader-commitments/committed-to-our-employees/ .

The Company uses various forms of employee safety metrics to assess the health and safety performance of its Aluminum Extrusion and High Performance Films operations, including employee safety data which is available on the Company’s website at www.tredegar.com/about-tredegar/our-broader-commitments/committed-to-our-employees/ .

Additionally, Aluminum Extrusions has on-site health clinics at its Carthage and Clearfield facilities.

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• Providing opportunities for community outreach and supporting programs that enhance the lives of children and families.

Tredegar strictly complies with all applicable federal, state, local and international laws governing non-discrimination in employment in every location where Tredegar and its businesses have facilities to ensure healthy and positive working conditions.

Tredegar strictly complies with all applicable federal, state, local and international laws governing nondiscrimination in employment in every location where Tredegar and its businesses have facilities to ensure healthy and positive working conditions.

This applies to all terms and conditions of employment, including recruiting, hiring, job assignments, promotion, termination, layoff, recall, transfer, leaves of absence, compensation and training.

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Additionally, the Company spends significant resources in developing its employees.

Among the five core principles of the “The Tredegar Way” that the Company uses to guide its organization, the “Leadership” principle is focused on building a team of motivated and engaged leaders at every level of the Company.

Each business unit has identified specific action plans to promote the Leadership principle among its employees.

A core focus is building a team of motivated and engaged leaders at every level of the Company.

Each business unit has identified specific action plans to promote leadership development among its employees.

Action plans include talent development, skills training, reinforcement of strong cultural values, and robust systems to ensure a safe working environment.

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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-K

Item 1. Business