What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2026-03-11 compared with 2025-03-12 · 283 added, 326 removed, 1147 unchanged (35% of the section changed)

20 unchanged sentences

Name Age Title

Steitz 66 President and Chief Executive Officer

Andrew Edwards 66 Executive Vice President and Chief Financial Officer

Arijit (Bapi) DasGupta 68 President and Chief Executive Officer

Brickhouse, II 59 Vice President, Chief Financial Officer and Treasurer

Donnelly 51 Executive Vice President, General Counsel and Corporate Secretary

Steitz was elected President and Chief Executive Officer effective March 19, 2019.

He previously served as President and Chief Executive Officer of Addivant Corporation, a leading global supplier of antioxidants, intermediates, inhibitors, modifiers, UV stabilizers and other additives to the plastic and rubber industries, from March 2015 until January 2019, as President and Chief Operating Officer of PQ Corporation, a leading worldwide producer of specialty inorganic performance chemicals and catalysts, from October 2013 until March 2015, as President and Chief Executive Officer of Avantor Performance Materials, a global supplier of ultra-high-purity life sciences materials with strict regulatory and performance specifications, from September 2012 through September 2013, as President and Chief Operating Officer of Albemarle Corporation, a global specialty chemicals company, from March 2012 through August 2012, and as Chief Operating Officer and Executive Vice President of Albemarle from April 2007 until March 2012.

Andrew Edwards.

Edwards was named Executive Vice President and Chief Financial Officer effective August 6, 2020.

Edwards served as Vice President and Chief Financial Officer from July 20, 2015 until August 2020.

He previously served as the Chief Financial Officer of United Sporting Companies, Inc., a wholesale distributor of outdoor sporting goods, from February 2013 until July 2015 and as Vice President, Controller and Chief Accounting Officer of Owens & Minor, Inc., a distributor of acute medical products, from April 2010 to February 2013 and as Acting Chief Financial Officer of Owens & Minor, Inc.

from March 2012 to February 2013.

Edwards also served as Vice President, Finance, of Owens & Minor, Inc.

from December 2009 until April 2010.

Edwards previously served as the Company’s Vice President, Chief Financial Officer and Treasurer from August 2003 to December 2009 and as the Company’s Vice President, Finance from November 1998 to August 2003.

Edwards also served as the Company’s Treasurer from May 1997 to December 2009 and as the Company’s Controller from October 1992 until July 2000.

Arijit (Bapi) DasGupta.

DasGupta was appointed President and Chief Executive Officer of Tredegar effective January 1, 2026.

DasGupta also continues to hold the position of President of Tredegar’s High Performance Films division, a role he has occupied since 2015 after previously serving as its Vice President.

Prior to joining Tredegar in 2007, Dr.

DasGupta held leadership positions at Johns Manville Corporation, Solutia, Inc.

(acquired by Eastman Chemical Company) and Monsanto Company.

DasGupta has a Ph.D.

and Master of Science in polymer science from the University of Akron, Ohio, an Executive MBA from the Olin School of Business at Washington University, St.

Louis and a Bachelor of Science in chemistry from the University of Bombay, India.

Brickhouse, II.

Brickhouse was appointed Vice President, Chief Financial Officer and Treasurer, effective January 1, 2026.

Brickhouse joined Tredegar in 1993 and was appointed Corporate Controller in 2009 and Treasurer in 2016.

He previously served in various treasury, accounting and financial planning roles within Tredegar.

Prior to joining Tredegar, Mr.

Brickhouse spent five years in various positions of increasing responsibility with Coopers & Lybrand (predecessor to PricewaterhouseCoopers LLP).

Brickhouse received a Master of Business Administration and a Bachelor of Science in Business Administration, Accounting, from the University of Richmond.

He is a CPA licensed in Virginia.

Donnelly was elected Executive Vice President, General Counsel and Corporate Secretary effective January 1, 2025.

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EXECUTIVE COMPENSATION

The information to be included in the Proxy Statement under the headings “Compensation of Directors,” “Compensation Discussion and Analysis,” “Executive Compensation Committee Report” and “Compensation of Executive Officers” is incorporated herein by reference.

The information to be included in the Proxy Statement under the headings “Compensation of Directors,” “Compensation Discussion and Analysis,” “Executive Compensation Committee Report,” “Compensation Committee Interlocks and Insider Participation” and “CEO Pay Ratio Disclosure” is incorporated herein by reference.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

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Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Tredegar Corporation and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of income (loss), comprehensive income (loss), cash flows, and shareholders’ equity for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2024, in conformity with U.S.

We have audited the accompanying consolidated balance sheets of Tredegar Corporation and subsidiaries (the Company) as of December 31, 2025 and December 31, 2024, the related consolidated statements of income (loss), comprehensive income (loss), cashflows, and shareholders’ equity for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and December 31, 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S.

generally accepted accounting principles.

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The following are the primary procedures we performed to address this critical audit matter.

We applied auditor judgment to determine the nature and extent of procedures to be performed over sales, including determining the locations at which those procedures were to be performed.

We applied auditor judgment to determine the nature and extent of procedures to be performed over sales, including determining the locations at which those

procedures were to be performed.

For each location where procedures were performed, we evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s revenue recognition processes, including the controls over the accurate recording of revenue transactions.

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In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of income (loss), comprehensive income (loss), cash flows, and shareholders’ equity for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively, the consolidated financial statements), and our report dated March 12, 2025 expressed an unqualified opinion on those consolidated financial statements.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and December 31, 2024, the related consolidated statements of income (loss), comprehensive income (loss), cash flows, and shareholders’ equity, for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements), and our report dated March 11, 2026 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

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Cash and cash equivalents $ 6,729 $ 7,062

Restricted cash — 3,391

Accounts and other receivables, net 81,811 64,817

2 unchanged sentences

Prepaid expenses and other 15,525 16,567

Current assets of discontinued operations — 48,358

Total current assets 169,074 139,827

19 unchanged sentences

Short-term debt 498 1,322

ABL revolving facility — 126,322

Income taxes payable 455 320

6 unchanged sentences

Other non-current liabilities 3,731 4,105

Noncurrent liabilities of discontinued operations — 20,803

Total liabilities 154,818 175,389

3 unchanged sentences

65,477 63,590

Common stock held in trust for savings restoration plan ( 118,543 shares at December 31, 2024 and December 31, 2023)

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

( 2,233 ) ( 2,233 )

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Asset impairments and costs associated with exit and disposal activities, net of adjustments 855 613 5,060

OPEB termination gain ( 6,265 ) — —

Pension settlement loss — — 92,291

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Reclassification of foreign currency translation loss realized on the sale of Terphane (net of tax expense $ 601 )

Derivative financial instruments adjustment (net of tax expense of $ 85 in 2024, net of tax expense of $ 933 in 2023 and net of tax benefit of $ 336 in 2022)

Derivative financial instruments adjustment (net of tax expense of $ 220 in 2025, net of tax expense of $ 85 in 2024 and net of tax expense of $ 933 in 2023)

803 755 3,281

2 unchanged sentences

Pension & other postretirement benefit adjustments:

Recognition in earnings of actuarial loss for pension settlement (net of tax expense of $ 41,294 )

Net gains (losses) and prior service costs (net of tax expense of $ 109 in 2024, net of tax expense of $ 422 in 2023 and net of tax benefit of $ 1,400 in 2022)

Recognized actuarial gain on the other postretirement benefits termination in 2025 and recognition in earnings of actuarial loss for pension settlement in 2023 (net of tax benefit of $ 454 in 2025 and net of tax expense of $ 41,294 on 2023)

( 794 ) — 50,997

Amortization of prior service costs and net gains or losses (net of tax benefit of $ 31 in 2024, net of tax expense of $ 1,968 in 2023 and net of tax expense of $ 2,965 in 2022)

Net gains (losses) and prior service costs (net of tax benefit of $ 13 in 2025, net of tax expense of $ 109 in 2024 and net of tax expense of $ 422 in 2023)

( 48 ) 397 1,513

Amortization of prior service costs and net gains or losses (net of tax benefit of $ 56 in 2025, net of tax benefit of $ 31 in 2024 and net of tax expense of $ 1,968 in 2023)

( 199 ) ( 110 ) 7,065

Other comprehensive income (loss) 223 87,896 65,898

15 unchanged sentences

Accrued pension and postretirement benefits 161 217 10,844

OPEB termination gain ( 6,265 ) — —

Pension settlement loss — — 92,291

1 unchanged sentence

Gain on investment in kaléo — ( 144 ) ( 262 )

Loss on sale of divested business 74,877 — —

(Gain) loss on sale of divested business ( 9,657 ) 74,877 —

Production equipment asset impairment 843 — —

Gain on the sale of assets ( 1,497 ) — —

Impairment of Richmond, Virginia Technical Center assets — — 3,454

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Proceeds from the sale of kaléo — 144 262

Net proceeds on sale of divested business (net of $ 20 million debt principal assumed by buyer)

Net proceeds on sale of divested business 9,835 54,631 —

Proceeds from the sale of assets 1,904 83 —

5 unchanged sentences

Debt financing costs ( 1,272 ) ( 587 ) ( 4,021 )

Other — — ( 396 )

Net cash provided by (used in) financing activities:

1 unchanged sentence

Effect of exchange rate changes on cash 347 ( 7,436 ) 896

Increase (decrease) in cash, cash equivalents and restricted cash ( 6,393 ) ( 5,777 ) ( 11,289 )

Cash, cash equivalents and restricted cash at beginning of period 13,455 19,232 30,521

Cash, cash equivalents and restricted cash at end of period $ 7,062 $ 13,455 $ 19,232

Increase (decrease) in cash and cash equivalents ( 333 ) ( 6,393 ) ( 5,777 )

Cash and cash equivalents at beginning of period 7,062 13,455 19,232

Cash and cash equivalents at end of period $ 6,729 $ 7,062 $ 13,455

Supplemental cash flow information:

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Amortization of prior service costs and net gains or losses — — — — 7,065 7,065

Recognition in earnings of net actuarial loss for pension settlement — — — — 50,997 50,997

Cash dividends declared ($ 0.26 per share)

6 unchanged sentences

Foreign currency translation adjustment — — — — ( 295 ) ( 295 )

Foreign currency translation loss realized on the sale of Terphane — — — — 88,437 88,437

Derivative financial instruments adjustment — — — — 755 755

Derivative financial instruments loss realized on the sale of Terphane ( 1,288 ) ( 1,288 )

Net gains or (losses) and prior service costs — — — — 397 397

Amortization of prior service costs and net gains or losses — — — — ( 110 ) ( 110 )

Recognition in earnings of net actuarial loss for pension settlement — — — — 50,997 50,997

Cash dividends declared ($ 0.26 per share)

— — ( 8,884 ) — — ( 8,884 )

Stock-based compensation expense 252,634 2,211 — — — 2,211

Repurchase of employee common stock for tax withholdings — ( 227 ) — — — ( 227 )

Tredegar common stock purchased by trust for savings restoration plan — — 45 ( 45 ) — —

Balance at December 31, 2024 34,661,272 63,590 113,412 ( 2,233 ) 6,199 180,968

1 unchanged sentence

Foreign currency translation adjustment — — — — 461 461

Foreign currency translation loss realized on the sale of Terphane 88,437 88,437

Derivative financial instruments adjustment — — — — 803 803

Derivative financial instruments loss realized on the sale of Terphane ( 1,288 ) ( 1,288 )

Net gains or (losses) and prior service costs — — — — ( 48 ) ( 48 )

Amortization of prior service costs and net gains or losses — — — — ( 199 ) ( 199 )

Recognition in earnings of net actuarial gain for other postretirement benefit termination — — — — ( 794 ) ( 794 )

Stock-based compensation expense 76,262 2,476 — — — 2,476

8 unchanged sentences

custom aluminum extrusions for the North American building & construction, automotive and specialty end-use markets;

and surface protection films for high-technology applications in the global electronics industry and polyethylene overwrap films used for bathroom tissue and paper towels.

The Company’s business segments are Aluminum Extrusions (also referred to as Bonnell Aluminum) and PE Films.

and surface protection films for high-technology applications in the global electronics industry and advanced packaging films used for bathroom tissue and paper towels.

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.

More information on the Company’s business segments is provided in Note 12.

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.

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

For more information on this transaction, see Note 15.

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The Company does not believe the impact of reporting the results of this segment in this manner is material to the consolidated financial results.

The Company may fund or receive cash from the Aluminum Extrusions segment based on Aluminum Extrusion’s cash flows from operations during the intervening period from Aluminum Extrusion’s fiscal year end to the Company’s calendar year end.

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.

The Company may have activity with the Aluminum Extrusions segment during the intervening period from Aluminum Extrusion’s fiscal year end to the Company’s calendar year end.

As a result, the Company’s prepaid and other current assets increased by $ 5.7 million as of December 31, 2025 since the Company made payments to the Aluminum Extrusions segment to fund its payroll during the intervening period.

The Company’s cash and cash equivalents declined $ 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.

Use of Estimates.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and disclosure of contingent assets and liabilities (if any).

On an ongoing basis, the Company evaluates its estimates, including those related to provisions for transaction and credit losses, income taxes, pension, and the valuation of goodwill and intangible assets, among others.

On an ongoing basis, the Company evaluates its estimates, including those related to provisions for transaction and credit losses, income taxes, pension, other postretirement benefits and the valuation of goodwill and intangible assets, among others.

Tredegar bases its estimates on historical experience and various other assumptions which the Company believes to be reasonable under the circumstances.

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Dollar is the functional currency.

Transaction and remeasurement gains or losses included in income were losses of $ 0.3 million, $ 0.2 million and $ 0.8 million in 2024, 2023 and 2022, respectively.

Cash, Cash Equivalents and Restricted cash.

Cash, cash equivalents and restricted cash consist of cash on hand in excess of daily operating requirements and highly liquid investments with original maturities of three months or less.

At December 31, 2024 and 2023, Tredegar had cash, cash equivalents and restricted cash of $ 7.1 million and $ 13.1 million, respectively, including funds held in locations outside the U.S.

Transaction and remeasurement gains or losses included in the consolidated statements of income (loss) were losses of $ 0.3 million in 2025 and gains of $ 0.3 million and $ 0.2 million in 2024 and 2023, respectively.

Cash and Cash Equivalents.

Cash and cash equivalents consist of cash on hand in excess of daily operating requirements and highly liquid investments with original maturities of three months or less.

At December 31, 2025 and 2024, Tredegar had cash and cash equivalents of $ 6.7 million and $ 7.1 million, respectively, including funds held in locations outside the U.S.

of $ 1.9 million and $ 1.6 million, respectively.

1 unchanged sentence

The primary objectives of the policy are safety of principal and liquidity.

The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts shown in the consolidated statements of cash flows:

December 31, December 31,

(In thousands) 2024 2023

Cash and cash equivalents $ 7,062 $ 9,660

Restricted cash — 3,391

Total cash, cash equivalents and restricted cash $ 7,062 $ 13,051

Restricted cash as of December 31, 2023 consists of $ 3.4 million of receipts that have not yet been applied to the ABL Facility (defined below).

See Note 7 for additional information.

Accounts and Other Receivables, net.

Accounts receivables are stated at the amount invoiced to customers less allowances for doubtful accounts.

Accounts receivables are non-interest bearing and arise from the sale of products to customers under typical industry trade terms.

Notes receivables are immaterial.

Accounts receivables are stated at the amount invoiced to customers less allowances for credit losses.

Accounts receivable are non-interest bearing and arise from the sale of products to customers under typical industry trade terms.

Notes receivable are immaterial.

Past due amounts are determined based on established terms and charged-off when deemed uncollectible.

The allowance for doubtful accounts is determined based on an assessment of probable losses taking into account past due amounts, customer credit profile, historical experience and current economic conditions.

For receivables that do not have a specific allowance, the loss rate is computed by segment to apply to the remaining receivables balance, using each segment’s historic loss rate.

The allowance for credit losses is determined based on an assessment of probable losses taking into account past due amounts, customer credit profile, historical experience and current economic conditions.

For receivables that do not have a specific allowance, the loss rate is computed by segment to apply to the remaining receivables balance, using

each segment’s historic loss rate.

Other receivables include value-added taxes related to certain foreign subsidiaries and other miscellaneous receivables due within one year.

2 unchanged sentences

For more information on accounts and other receivables, net, see Note 2.

Inventories are stated at the lower of cost or market, with cost determined using the last in, first out (“LIFO”) method, the weighted average cost or the first in, first out (“FIFO”) method.

Inventories are stated at the lower of cost or net realizable value, with cost determined using the last in, first out (“LIFO”) method, the weighted average cost or the first in, first out (“FIFO”) method.

Cost elements included in work-in-process and finished goods inventories are raw materials, direct labor and manufacturing overhead.

Finished goods, work-in-process, raw materials and supplies, stores and other inventory are reviewed to determine if inventory quantities are in excess of forecasted usage or if they have become obsolete.

As of December 31, 2024, the Company was no longer participating in supply chain finance service agreements through third-party financial institutions.

Property, Plant and Equipment.

3 unchanged sentences

Capital expenditures for property, plant and equipment include capitalized interest.

Capitalized interest included in capital expenditures for property, plant and equipment was immaterial.

Capitalized interest included in capital expenditures for property, plant and equipment was $ 1.6 million, $ 1.9 million, and $ 1.6 million in 2025, 2024 and 2023, respectively.

Depreciation is computed primarily by the straight-line method based on the estimated useful lives of the assets that generally range from 5 to 40 years for buildings and land improvements and 2 to 20 years for machinery and equipment.

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If the Company's Step 0 analysis indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the Company would perform a quantitative impairment test (“Step 1 analysis”).

Domestic producers of aluminum extrusions in the U.S.

continue to experience adverse conditions associated with economic uncertainty, including persistently high interest rates, tight lending standards and inflationary pressures, which negatively impact the non-residential B&C end-use market.

These pandemic-related disruptions, which resulted in long lead times and a decline in industry capacity utilization, caused pricing pressure in the aluminum extrusions end-use markets.

An influx of foreign imports at less-than-fair value pricing has also adversely impacted domestic producers.

As of December 31, 2025, the Company’s reporting unit with goodwill was Surface Protection in High Performance Films.

The Company’s Step 0 analysis as of December 1, 2025 of this reporting unit concluded that it was not more likely than not that the fair value of the reporting unit was less than its carrying amount.

Therefore, the Step 1 quantitative goodwill impairment test for this reporting unit was not necessary as of December 1, 2025.

As of December 31, 2025 and 2024, Surface Protection had goodwill of $ 22.4 million.

During 2024, customers of the Aluminum Extrusions’ Clearfield, Utah operation ("Clearfield") acquired as “Futura” in February 2017 continued to seek supply from other sources to meet their demand, including imports.

6 unchanged sentences

Key financial assumptions utilized to determine the fair value of the reporting unit include sales volume and sales price growth projections.

As of December 31, 2024, the Company’s remaining goodwill of $ 22.4 million was included in the Surface Protection reporting unit.

During 2023, uncertainty about the timing of a recovery in the consumer electronics market persisted, and manufacturers in the supply chain for consumer electronics continued to experience reduced capacity utilization and inventory corrections.

In light of the limited visibility on the timing of a recovery and the expected adverse future impact to the Surface Protection business, coupled with a cautious outlook on new product development opportunities, the Company performed a Step 1 goodwill impairment analysis, as of June 30, 2023 and September 30, 2023, of the Surface Protection component of PE Films.

The analyses concluded that the fair value of Surface Protection was less than its carrying value, thus a non-cash partial goodwill impairment of $ 34.9 million ($ 27.0 million after deferred income tax benefits) was recognized during 2023.

10 unchanged sentences

Assets that are held for sale are reported at the lower of their carrying amount or estimated fair value less cost to sell, with an impairment loss recognized for any write-down required.

As of December 31, 2025, no events were identified that indicated long-lived assets may be impaired.

In the fourth quarter of 2024, due to the same factors discussed above, the Aluminum Extrusions’ Clearfield reporting unit, which is also an asset group, required the Company to perform a recoverability test of its long-lived identifiable assets using the same projections used in the DCF Method by comparing the undiscounted future cash flows to the net carrying value of the asset group.

As the undiscounted cash flows of the Clearfield asset group was greater than the carrying amount as of December 31, 2024, no long-lived impairment loss was recognized in 2024.

As of December 31, 2024, no other events were identified that indicated long-lived assets may be impaired.

In August 2023, the Company adopted a plan to close the PE Films technical center in Richmond, VA and reduce its efforts to develop and sell films supporting the semiconductor market.

Research & development activities for PE Films are now being performed at the production facility in Pottsville, PA.

PE Films continues to have new business opportunities primarily relating to surface protection films that protect components of flat panel and flexible displays.

All activities ceased at the PE Films technical center in Richmond, VA as of the end of the first quarter of 2024.

During 2023 the Company recognized a non-cash asset impairment of $3.5 million for Richmond Technical Center assets which went held for sale in the third quarter of 2023.

Pension Costs and Postretirement Benefit Costs Other than Pensions.

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On November 3, 2023, the pension plan termination and settlement process for the Company was completed.

In October 2025, the Company terminated the Other Post-Retirement Benefits program.

For more information, see Note 8.

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The Company offers various discounts, rebates and allowances to customers, (collectively, “allowances”), all of which are considered when determining the transaction price.

Certain allowances are fixed and

determinable at the time of sale and are recorded at the time of sale as a reduction to revenues.

Certain allowances are fixed and determinable at the time of sale and are recorded at the time of sale as a reduction to revenues.

Other allowances can vary depending on future outcomes such as sales returns and customer sales volume, thus representing variable consideration.

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Income taxes are recognized during the period in which transactions enter into the determination of income for financial reporting purposes, with deferred income taxes being provided at enacted statutory tax rates on the differences between the financial reporting and tax bases of assets and liabilities (see Note 11).

Tredegar’s policy is to accrue U.S.

federal income taxes to the extent required under GAAP on unremitted earnings of all foreign subsidiaries where required.

However, Tredegar only records U.S.

federal income taxes on unremitted earnings of its foreign subsidiaries where Tredegar cannot take steps to eliminate any potential tax on future distributions from its foreign subsidiaries.

Current tax liabilities and assets are recognized for the estimated taxes payable or refundable, respectively, on the tax returns for the current year.

Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.

Accordingly, accounting for income taxes represents the Company’s best estimate of various events and transactions.

A valuation allowance is recorded in the period when the Company determines that it is more likely than not that all or a portion of deferred income tax assets may not be realized.

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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.

The 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 2,497,008 for the years ended December 31, 2024.

The Company had a net loss from continuing operations for the year ended December 31, 2023, so there is no dilutive impact for such shares.

If the Company had reported net income from continuing operations for the year ended December 31, 2023, 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 2,925,091 .

Stock-Based Employee Compensation Plans.

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New accounting pronouncements adopted in 2025:

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07 to improve reportable segment disclosure and requirements, primarily through the enhanced disclosures about significant segment expenses.

ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets.

All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment.

This ASU is effective for fiscal years beginning after December 15, 2023 and interim period beginning after December 15, 2024, with early adoption permitted.

The amendments in this ASU are to be applied retrospectively to all prior periods presented in the financial statements.

The Company adopted this ASU in fourth quarter of 2024.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU 2023-09”) to improve the income tax disclosures related to the rate reconciliation and income taxes paid information and to improve the effectiveness of income tax disclosures.

The amendments in this ASU require the Company to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold.

ASU 2023-09 also requires the Company to disaggregate its income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions.

This ASU is effective for annual periods beginning after December 15, 2024.

The Company adopted this ASU in the fourth quarter of 2025 using the prospective method of transition.

The adoption did not have a material impact on the Company’s consolidated financial statements.

5 unchanged sentences

The Company does not expect a material impact from the adoption of this standard on our consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09 to improve the income tax disclosures related to the rate reconciliation and income taxes paid information and to improve the effectiveness of income tax disclosures.

The amendments in this ASU will require the Company to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold.

ASU 2023-09 will also require the Company to disaggregate its income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions.

This ASU is effective for annual periods beginning after December 15, 2024.

Early adoption is permitted.

The Company is currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03 to improve the disclosures about public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions.

3 unchanged sentences

The Company is currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11 to amend the guidance in “Interim Reporting” (Topic 270).

The update provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period.

The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application.

The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years.

The Company does not expect a material impact from the adoption of this standard on our consolidated financial statements and related disclosures.

ACCOUNTS AND OTHER RECEIVABLES

4 unchanged sentences

Total accounts and other receivables 82,122 65,046

Allowance for bad debts ( 229 ) ( 1,162 )

Allowance for credit losses ( 311 ) ( 229 )

Total accounts and other receivables, net $ 81,811 $ 64,817

A reconciliation of the beginning and ending balances of the allowance for doubtful accounts for the three years ended December 31, 2024 is as follows:

A reconciliation of the beginning and ending balances of the allowance for credit losses for the three years ended December 31, 2025 is as follows:

(In thousands) 2025 2024 2023

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Charges to expense 89 145 407

Recoveries — — 12

Write-offs and settlements ( 7 ) ( 1,078 ) ( 1,313 )

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Inventories stated on the LIFO basis amounted to $ 9.1 million at December 31, 2025 and $ 6.7 million at December 31, 2024, which were below replacement costs by $ 19.8 million at December 31, 2025 and $ 13.8 million at December 31, 2024.

Inventories stated on the weighted average cost basis were $ 14.3 million and $ 12.9 million at December 31, 2024 and 2023, respectively, while inventories stated on the FIFO method amounted to $ 30.4 million and $ 29.6 million at December 31, 2024 and 2023, respective ly.

Inventories stated on the weighted average cost basis were $ 15.9 million and $ 14.3 million at December 31, 2025 and 2024, respectively, while inventories stated on the FIFO method amounted to $ 40.0 million and $ 30.4 million at December 31, 2025 and 2024, respectively.

Tredegar has various operating lease agreements with remaining terms up to 18 years, including leases of real estate, office equipment and vehicles.

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Present value of operating lease liabilities $ 13,223

The following table summarizes lease costs, related cash flow and other information for the years ended December 31, 2024 and 2023.

The following table summarizes lease costs and other information for the years ended December 31, 2025 and 2024.

These costs are primarily related to long-term operating leases but also include amounts for variable leases and short-term leases.

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(In thousands) Aluminum Extrusions (a)

High Performance Films (a)

Net carrying value of goodwill at December 31, 2023

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$ — $ 22,446 $ 22,446

(a) The goodwill of Aluminum Extrusions and PE Films is carried by the Clearfield and Surface Protection reporting units, respectively.

(a) The goodwill of Aluminum Extrusions and High Performance Films is carried by the Clearfield and Surface Protection reporting units, respectively.

A reconciliation of identifiable intangibles at December 31, 2025 and 2024 is as follows:

(In thousands) Customer Relationships Proprietary Technology Trade Names Total

(In thousands) Customer Relationships Trade Names Total

Gross carrying value at December 31, 2024

8 unchanged sentences

$ 5,568 $ — $ 5,568

Amortization expense over the next four years is expected to be $ 1.8 million per year and is expected to end in early 2029.

Amortization expense over the next three years is expected to be $ 1.8 million per year and is expected to end in early 2029.

ACCRUED EXPENSES

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Vacation 1,806 1,668

Environmental liabilities 1,259 1,560

Deferred revenue 1,513 —

Accrued utilities 1,279 1,164

Environmental liabilities 1,108 1,259

Customer rebates 553 540

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Derivative contract liability 4 80

Group annuity contract premium liability — 2,000

Other 2,650 1,762

1 unchanged sentence

DEBT AND CREDIT AGREEMENTS

In December 2023, the Company entered into Amendment No.

3 to the Second Amended and Restated Credit Agreement (“the Credit Agreement”), which, prior to the ABL Adjustment Date (as defined below), provided the Company with a $ 180 million senior secured asset-based revolving credit facility.

In April 2024, the Company entered into Amendment No.

4 to the Credit Agreement (as amended by Amendment No.

3 and Amendment No.

4, the “ABL Facility”) that, among other items:

(i) moved the ABL Adjustment Date (defined below) from March 31, 2025 to September 30, 2025 and (ii) required weekly reporting of the borrowing base financial covenant until the ABL Adjustment Date.

In May 2025, the Company entered into Amendment No.

5 (“Amendment No.

5”) to the Second Amended and Restated Credit Agreement (the "ABL Facility"), which provides the Company with a $ 125 million senior secured asset-based revolving credit facility.

The ABL Facility is secured by substantially all assets of the Company and its domestic subsidiaries, including equity in certain material first-tier foreign subsidiaries.

Availability for borrowings under the ABL Facility is governed by a borrowing base, determined by the application of specified advance rates against eligible assets, including a portion of trade accounts receivable, inventory, cash and cash equivalents, owned real properties, and owned machinery and equipment.

Upon the earlier of September 30, 2025 or the date the Company received the proceeds from the sale of Terphane (the “ABL Adjustment Date”), the $ 180 million ABL Facility was to be reduced to $ 125 million.

On November 1, 2024, with the closing of the sale of Terphane, the ABL Adjustment Date occurred.

The ABL Facility will expire on June 30, 2026.

Amendment No.

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

As of December 31, 2025, funds available to borrow under the ABL Facility was $ 87.5 million, or 70.0 % of the aggregate commitment of $ 125 million.

During 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.

For the ABL Facility, the Company may elect interest rates at:

• Alternate Base Rate (“ABR”) Spread (as defined in the ABL Facility) is determined in accordance with an excess availability-based pricing grid.

With respect to revolving loans denominated in U.S.

Dollars, the Company may elect interest rates at:

• Alternate Base Rate (“ABR”) plus the applicable ABR Spread (as defined in the ABL Facility) determined in accordance with an excess availability-based pricing grid.

ABR is defined, in part, as the greater of (a) the Prime Rate in effect on such day, (b) the Federal Reserve Bank of New York Rate in effect on such day plus ½ of 1% and (c) the Adjusted Term SOFR Rate (defined below) for a one-month period plus 1 %;

• The Term Benchmark Spread (as defined in the ABL Facility) is determined in accordance with an excess availability-based pricing grid.

• The Adjusted Term Secured Overnight Financing Rate ("SOFR") Rate plus the applicable Term Benchmark Spread (as defined in the ABL Facility) determined in accordance with an excess availability-based pricing grid.

Adjusted Term SOFR Rate is defined as the Term SOFR Rate plus 0.10 %, subject to an initial Floor (as defined in the ABL Facility) of 0 %.

As amended by Amendment No.

5, based upon the quarterly average of daily availability under the ABL Facility, the interest rate pricing grid, is as follows:

1 unchanged sentence

Quarter Average of Daily Availability Term Benchmark

Spread Commitment

> 66% of $125 million aggregate commitment 175.0 75.0

1 unchanged sentence

≤ 33% of $125 million aggregate commitment 225.0 125.0

The financial covenant is a minimum fixed charge coverage ratio (as defined in the ABL Facility) of 1.00:1.00 that will be triggered in the event that availability is less than 10 % of the $ 125 million commitment amount and continuing thereafter until availability is greater than 10 % of the $ 125 million commitment amount for 30 consecutive days.

If at any time the availability under the ABL facility is less than 20 % of the maximum aggregate principal amount in effect at such time or an Event of Default occurs, the Company’s current monthly reporting requirements to lenders changes to a weekly cadence until the Event of Default is waived, cured or the availability under the ABL facility is above 20 % of the maximum aggregate principal amount for 30 consecutive days.

A Cash Dominion Period goes into effect if availability under the ABL Facility falls below 12.5 % of the aggregate commitment or an Event of Default (as defined in the ABL Facility) occurs.

The Company would then be subject to the Cash Dominion Period until the Event of Default is waived or ABL Facility availability is above 12.5 % of the $ 125 million aggregate commitment for 30 consecutive days.

Pursuant to Amendment No.

5, the commitment fee was decreased from 0.40 % to (i) 0.25 % if the Average Usage (as defined in the ABL Facility) is greater than or equal to 50 % and (ii) 0.375 % if Average Usage is less than 50 %.

The borrowing base calculation was amended by Amendment No.

5 as follows:

(i) real property is no longer eligible to be included in the borrowing base, (ii) the PP&E Component (as defined in the ABL Facility), as included in the borrowing base, was decreased to the lesser of (a) 60 % of the Net Orderly Liquidation Value (as defined in the ABL Facility) in place of eligible equipment and (b) 30 % of the borrowing base and (iii) the amount of eligible cash included in the borrowing base is now capped at 15 % of the borrowing base.

The financial covenant is a minimum fixed charge coverage ratio (as defined in the ABL Facility) of 1.00:1.00 that will be triggered in the event that availability is less than the greater of (x) 10 % of the Line Cap (as defined in the ABL Facility) and (y) $ 10 million and will continue until availability is equal to or greater than the greater of (x) 10 % of the Line Cap and (y) $ 10 million for 30 consecutive days, as long as no events of default are continuing.

If at any time the availability under the ABL facility is less than the greater of (x) 20 % of the Line Cap and (y) $ 20 million and until such subsequent date, if any, on which availability is greater than the greater of (x) 20 % of the Line Cap and (y) $ 20 million for a period of thirty (30) consecutive calendar days, the Company’s current monthly reporting requirements to lenders changes to a weekly cadence.

A Cash Dominion Period (as defined in the ABL Facility) is now triggered when (x) availability falls below the greater of (i) 12.5 % of the Line Cap and (ii) $ 12.6 million or (y) during the continuation of an event of default and continuing until (x) availability is above the greater of (i) 12.5 % of the Line Cap and (ii) $ 12.6 million for 30 consecutive days and (y) no events of default are continuing.

During a Cash Dominion Period, receipts that have not yet been applied to the ABL Facility are classified as restricted cash in the Company’s consolidated balance sheets.

The ABL Facility has customary representations and warranties including, as a condition to each borrowing, that all such representations and warranties are true and correct in all material respects (including a representation that no Material

Adverse Effect (as defined in the ABL Facility) has occurred since December 31, 2022).

In the event that the Company cannot certify that all conditions to the borrowing have been met, the lenders can restrict the Company’s future borrowings under the ABL Facility.

As of November 1, 2024, the Company is no longer in a Cash Dominion Period.

Because a Cash Dominion Period was in effect as of December 31, 2023 and the Company is required to represent that no Material Adverse Effect has occurred as a

condition to borrowing, the outstanding debt under the ABL Facility (all contractual payments due on June 30, 2026) was classified as a current liability in the consolidated balance sheets as of December 31, 2023.

In accordance with the ABL Facility, the lenders have been provided with the Company’s financial statements, covenant compliance certificates and projections to facilitate their ongoing assessment of the Company.

1 unchanged sentence

As of December 31, 2025, the Company was in compliance with all debt covenants.

PE Films Guangzhou Loan

In June 2024, PE Films' business location in Guangzhou, China, Guangzhou Tredegar Film Products Co., Ltd.(“Guangzhou Tredegar”), entered into a 9.5 million Chinese Yuan, which is equivalent to $ 1.3 million as of December 31, 2024, revolving loan with the Industrial and Commercial Bank of China.

The loan matures on July 3, 2025.

High Performance Films Guangzhou Loan

In October 2025, High Performance Films' business location in Guangzhou, China, Guangzhou Tredegar Film Products Co., Ltd.

(“Guangzhou Tredegar”), entered into a 3.5 million Chinese Yuan, which is equivalent to $ 0.5 million as of December 31, 2025, unsecured revolving loan with the Industrial and Commercial Bank of China.

The loan matures on October 20, 2026.

The interest rate is the one-year loan prime rate published by the National Interbank Funding Center for the working day immediately preceding the drawdown date, minus 0.55 %.

As of December 31, 2025, the National Interbank Funding Center rate was 3.00 %.

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

The mortgage contract has a maximum value of 30 million Chinese Yuan and is effective from June 25, 2024 through May 31, 2027.

This loan was presented as current debt on the consolidated balance sheet for the year ended December 31, 2024.

The financial covenants require that the total amount of Guangzhou Tredegar’s current liabilities cannot exceed 50% of the total amount of current assets and the short-term financing amount cannot exceed 50% of Guangzhou Tredegar’s total sales.

In June 2024, Guangzhou Tredegar entered into a 9.5 million Chinese Yuan revolving loan with the Industrial and Commercial Bank of China.

This loan matured on July 3, 2025.

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 December 31, 2025, there was no outstanding loan balance.

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

The mortgage was cancelled during the fourth quarter of 2025.

Each Guangzhou Tredegar loan, as applicable, was presented as current debt on the consolidated balance sheet for the years ended December 31, 2025 and 2024.

RETIREMENT PLANS AND OTHER POSTRETIREMENT BENEFITS

4 unchanged sentences

On February 10, 2022, Tredegar announced the initiation of a process to terminate and settle its frozen defined benefit pension plan through lump sum distributions and the purchase of annuity contracts.

In connection therewith, on February 9, 2022, the Company contributed $ 50 million to the pension plan.

During the third quarter of 2023, the Company remeasured the pension plan, which resulted in a pre-tax pension settlement loss in the consolidated results of operation of $ 25.6 million.

The remeasurement of the pension benefit obligation and plan assets was triggered by $ 64.5 million of lump sum distributions from the pension plan assets which exceeded the pension plan's service and interest cost.

In September 2023, the Company borrowed $ 30 million under its prior credit agreement in anticipation of the final funding expected for terminating its defined benefit pension plan obligation.

In October 2023, the Company used this cash to contribute $ 27.7 million to fully fund the pension plan with the amount necessary to purchase from Massachusetts Mutual Life Insurance Company a nonparticipating single premium group annuity contract for $ 157.5 million.

In November 2023, the pension plan termination and settlement process was completed, and the Company’s relevant pension plan obligation was transferred to Massachusetts Mutual Life Insurance Company.

This completed the pension plan termination process that began in February 2022.

As a result of the routine administrative process to transition the pension plan, the Company recognized a $ 2.0 million charge to adjust the initial purchase price of the nonparticipating single premium group annuity contract reported as part of Other income (expense), net on the Consolidated Statement of Income (Loss).

During the fourth quarter of 2023, the Company recognized a pre-tax pension settlement loss of $ 66.7 million.

On November 3, 2023, the pension plan termination and settlement process for the Company was completed, and the remaining pension plan obligation was transferred to Massachusetts Mutual Life Insurance Company.

During 2023, the Company recognized a total pre-tax pension settlement loss of $ 92.3 million.

Tredegar also has a non-qualified supplemental pension plan covering certain employees.

4 unchanged sentences

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

In addition to providing pension benefits, the Company provides postretirement life insurance and health care benefits for certain groups of employees.

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

In addition to providing pension benefits, the Company provided Other Post-Retirement Benefits of life insurance and health care benefits for certain groups of employees.

Tredegar and retirees shared in the cost of postretirement health care benefits, with employees hired on or before January 1, 1993, receiving a fixed subsidy to cover a portion of their health care premiums.

The Company eliminated prescription drug coverage for Medicare-eligible retirees as of January 1, 2006.

Consequently, Tredegar is not eligible for any federal subsidies.

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.

The Other Post-Retirement Benefits total obligation and unrecognized pre-tax actuarial gain reported in the consolidated balance sheets was $ 5.0 million and $ 1.3 million, respectively, which was realized in the income statement during the fourth quarter of 2025.

The following tables reconcile the changes in benefit obligations and plan assets in 2025 and 2024, and reconcile the funded status to prepaid or accrued cost at December 31, 2025 and 2024:

11 unchanged sentences

Benefits paid ( 199 ) ( 184 ) ( 725 ) ( 875 )

Settlement payments and annuity purchase — ( 221,970 ) — —

Termination of Other Post-Retirement Benefits plan — — ( 5,017 ) —

Benefit obligation, end of year $ 1,376 $ 1,478 $ — $ 5,078

5 unchanged sentences

Benefits paid ( 199 ) ( 184 ) ( 725 ) ( 875 )

Settlement payments and annuity purchase — ( 221,970 ) — —

Plan assets at fair value, end of year $ — $ — $ — $ —

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Discount rate 5.07 % 5.49 % 4.89 % — % 5.63 % 4.98 %

Expected long-term return on plan assets n/a n/a 4.99 % n/a n/a n/a

Weighted-average assumptions used to determine net periodic benefit cost:

2 unchanged sentences

5.07 %/ 5.37 %

Expected long-term return on plan assets n/a n/a 3.05 % n/a n/a n/a

5.63 %/ 5.25 %

4.98 % 5.17 %

Components of net periodic benefit cost:

4 unchanged sentences

Net periodic benefit cost $ 98 $ 96 $ 10,759 $ ( 41 ) $ 121 $ 85

Pension settlement loss — 92,291 — — — —

Pension settlement loss and (gain) on Other Post-Retirement Benefits termination — — 92,291 ( 6,265 ) — —

Total benefit cost $ 98 $ 96 $ 103,050 $ ( 6,306 ) $ 121 $ 85

(a) Prior to the pension lump sum distributions in August 2023, a discount rate of 5.07% was used to determine the net periodic benefit cost.

(a) Prior to the Other Post-Retirement Benefits termination in October 2025, a discount rate of 5.63% was used to determine the net periodic benefit cost.

On October 31, 2025, a discount rate of 5.25% was used to determine the settlement.

Prior to the pension lump sum distributions in August 2023, a discount rate of 5.07% was used to determine the net periodic benefit cost.

Subsequent to August 2023, a discount rate of 5.37% was used to determine the net periodic benefit cost until the Company purchased a nonparticipating single premium group annuity contract in October 2023.

4 unchanged sentences

Expected benefit payments over the next five years and in the aggregate for 2031—2035 are as follows:

(In thousands) Pension Benefits Other Post-

2025 $ 180 $ 463

(In thousands) Pension Benefits

2031—2035 576

3 unchanged sentences

Net actuarial (gain) loss $ 454 $ 384 $ 415 $ — $ ( 1,534 ) $ ( 1,250 )

The amounts in accumulated other comprehensive income, before related deferred income taxes, which are expected to be recognized as components of net periodic cost during 2025 are approximately $ 0.3 million of benefit for other post-retirement plans.

Tredegar uses derivative financial instruments for the purpose of hedging margin exposure from fixed-price forward sales contracts in Aluminum Extrusions.

These derivative financial instruments are designated as and qualify as cash flow hedges

and are recognized in the consolidated balance sheet at fair value.

These derivative financial instruments are designated as and qualify as cash flow hedges and are recognized in the consolidated balance sheet at fair value.

The fair value of derivative instruments recorded on the consolidated balance sheets is based upon Level 2 inputs.

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STOCK OPTION AND STOCK AWARD PLANS

As of December 31, 2024, the Company had one stock-based compensation plan that permits the grants of stock options, stock appreciation rights (“SARs”), stock, restricted stock, and stock unit awards.

As of December 31, 2025, the Company had one stock-based compensation plan that permits the grants of stock options, stock appreciation rights (“SARs”), restricted stock awards, other equity awards based on Tredegar common stock.

Awards available for grant totaled 1,678,682 shares at December 31, 2025.

21 unchanged sentences

There were no stock options exercised in 2025, 2024 or 2023.

The grant-date fair value of stock option-based awards vested in 2023 and 2022 was $ 2.2 million and $ 5.4 million, respectively.

As of December 31, 2024, there was no unrecognized compensation cost related to stock option-based awards.

The grant-date fair value of stock option-based awards vested in 2023 was $ 2.2 million.

As of December 31, 2025 and 2024, there was no unrecognized compensation cost related to stock option-based awards.

Restricted stock grants ordinarily vest three years from the date of grant based upon continued employment.

The fair value of restricted stock awards is estimated as of the grant date using the closing stock price on that date.

Stock unit awards vest upon the achievement of certain performance targets.

The following table summarizes additional information about unvested restricted stock awards and performance stock units awards outstanding at December 31, 2024, 2023 and 2022:

Unvested Restricted Stock Awards Maximum Unvested Restricted Stock Units Issuable Upon Satisfaction of Certain Performance Criteria

of Shares Weighted Avg.

Grant Date Fair Value/Share Grant Date

(In thousands) Number

The following table summarizes additional information about unvested restricted stock awards outstanding at December 31, 2025, 2024 and 2023:

Unvested Restricted Stock Awards

of Shares Weighted Avg.

30 unchanged sentences

Outstanding at December 31, 2025 329,106 $ 10.75 to $ 16.37 $ 13.45

The grant-date fair value of SARs awards vested in 2022 was $ 0.5 million.

The grant-date fair value of SARs awards vested in 2024 and 2023 was immaterial.

The grant-date fair value of SARs that vested in 2025, 2024 and 2023 were immaterial.

As of December 31, 2025, there was no unrecognized compensation cost related to SARs .

Income (loss) from continuing operations before income taxes and income tax expense (benefit) from continuing operations are as follows:

Income (loss) from continuing operations before income taxes is as follows:

(In thousands) 2025 2024 2023

3 unchanged sentences

Total $ 30,669 $ 880 $ ( 150,465 )

Income tax expense (benefit) from continuing operations is as follows:

(In thousands) 2025 2024 2023

Current income tax expense (benefit):

9 unchanged sentences

Total income tax expense (benefit) for continuing operations

Federal 5,541 ( 576 ) ( 51,687 )

State 828 187 159

Foreign 215 224 228

Total 6,584 ( 165 ) ( 51,300 )

Below is a tabular rate reconciliation pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025.

(In thousands, except percentages) Amount %

federal statutory tax rate $ 6,441 21.0

domestic federal

Research and development tax credit ( 930 ) ( 3.0 )

Changes in valuation allowances 192 0.6

Nontaxable or nondeductible items

Stock based compensation 493 1.6

Executive compensation 384 1.3

Other adjustments 112 0.4

State and local income tax, net of federal (national) income tax effect 1

Foreign tax effects

Other foreign jurisdictions 20 0.1

Changes in unrecognized tax benefits ( 886 ) ( 2.9 )

Effective tax rate $ 6,584 21.5

State taxes in Pennsylvania and Georgia made up the majority (greater than 50 percent) of the tax effect in this category.

The significant differences between the U.S.

federal statutory rate and the effective income tax rate related to continuing operations are as follows:

2024 2023 2022

(In thousands, except percentages) Amount % Amount % Amount %

federal statutory rate and the effective income tax rate related to continuing operations for the years ended December 31, 2024 and 2023 prior to the adoption of ASU 2023-09 are as follows:

(In thousands, except percentages) Amount % Amount %

Income tax expense (benefit) at federal statutory rate $ 185 21.0 $ ( 31,598 ) 21.0

6 unchanged sentences

Stranded taxes released with termination of pension — — ( 21,913 ) 14.6

Foreign derived intangible income deduction — — — — ( 259 ) ( 2.7 )

Tax contingency accruals and tax settlements ( 1 ) ( 0.1 ) 1 —

4 unchanged sentences

The effective tax rates for the years ended December 31, 2025 and 2024 were 21.5 % and ( 18.8 )%, respectively.

The change in effective tax rate is primarily due to pre-tax income from continuing operations in 2024 versus a pre-tax loss from continuing operations in 2023.

The tax rate in 2023 was significantly impacted by tax benefits previously recorded in other comprehensive income (loss) that were released in 2023 as a result of the pension plan termination.

The change in effective tax rate was primarily due to higher pre-tax income from continuing operations in 2025 than in 2024.

The tax rate in 2024 was impacted by the release of valuation allowance on deferred taxes.

The tax rate in 2023 was impacted by a pre-tax loss and tax benefits previously recorded in other comprehensive income (loss) that were released in 2023 as a result of the pension plan termination.

The stranded taxes released with the termination of the pension plan represent the effect of the change in federal and state tax rates on pension-related deferred tax items initially recorded in other comprehensive income.

The related stranded taxes were released in full in 2023.

The effective tax rate in 2022 was impacted by a large discrete benefit recorded in the first quarter of 2022, resulting from the implementation of new U.S.

tax regulations associated with foreign tax credits published by the U.S.

Treasury and Internal Revenue Service (“IRS”) on January 4, 2022.

These regulations overhauled various components of the foreign tax credit regime including the determination of creditable foreign taxes and limit the amount of foreign taxes that are creditable against U.S.

income taxes.

As the result of these regulations, future Brazilian income tax under Brazil tax law in place at that time

would have been deductible, but not creditable, in the U.S.

The accounting rules require a reduction of the U.S.

deferred tax liability previously established related to anticipated future income from Brazil.

The IRS released guidance in 2023 that provides temporary relief for tax years after 2021 from the regulations published by the IRS on January 4, 2022.

As a result of the IRS guidance released in 2023, the reduction in the first quarter of 2022 of the U.S.

deferred tax liability previously established related to anticipated future income from Brazil was reversed in 2023.

Disclosed below is a summary of income taxes paid (refunded) by jurisdiction for continuing operations pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025.

(In thousands) Year Ended December 31, 2025

United States $ ( 222 )

Pennsylvania 305

Other state jurisdictions ( 13 )

Total cash taxes paid for continuing operations $ 725

Deferred income tax assets and deferred income tax liabilities for continuing operations at December 31, 2025 and 2024, are as follows:

1 unchanged sentence

Deferred income tax assets:

Pension and other postretirement obligations $ — $ 528

Employee benefits $ 4,511 $ 6,381

6 unchanged sentences

Lease liabilities 2,933 3,419

Interest expense limitation 471 2,592

Foreign currency translation gain adjustment — 44

Interest expense limitation carryforward — 471

Deferred income tax assets before valuation allowance 54,790 63,003

4 unchanged sentences

Property, plant and equipment 7,502 9,086

Foregone tax credits on foreign branch income — 1,880

Right-of-use leased assets 2,806 3,210

8 unchanged sentences

The Company had U.S.

federal and state tax credits of $ 25.2 million, net operating loss carryforwards of $ 13.5 million and a deferred interest limitation of $0.5 million at December 31, 2024.

federal and state tax credits of $ 21.2 million and state net operating loss carryforwards of $ 13.8 million at December 31, 2025.

The Company had U.S.

federal and state tax credits of $ 16.7 million and net operating loss carryforwards of $ 16.5 million and a deferred interest limitation of $ 2.6 million at December 31, 2023.

deferred interest limitation can be carried forward indefinitely.

federal and state tax credits of $ 25.2 million and state net operating loss carryforwards of $ 13.5 million and a deferred interest limitation of $ 0.5 million at December 31, 2024.

federal foreign tax credits will expire between 2026-2035 and the U.S.

federal research and development tax credits will expire by 2045.

federal research and development tax credits will expire between 2039-2045.

state carryforwards expire at different points over the next 20 years.

Valuation allowances of $ 14.0 million, $ 12.1 million and $ 10.3 million at December 31, 2024, 2023 and 2022, respectively, are recorded against the tax benefit on U.S.

federal and state tax credits and net operating loss carryforwards generated by domestic subsidiaries that may not be recoverable in the carryforward period.

The Company had a valuation allowance of $ 0.8 million against U.S.

federal tax credits at December 31, 2023.

The valuation allowance for unrealized capital losses from investments and other related items was $ 0.2 million at December 31, 2024 and $ 0.7 million at December 31, 2022.

Valuation allowances of $ 13.7 million and $ 14.0 million at December 31, 2025 and 2024, respectively, are recorded against the tax benefit on state tax credits and net operating loss carryforwards generated by domestic subsidiaries that may not be recoverable in the carryforward period.

The valuation allowance for unrealized capital losses from investments and other related items was $ 0.4 million and $ 0.2 million at December 31, 2025 and 2024, respectively.

Valuation allowances of $ 0.5 million and $ 1.1 million at December 31, 2025 and 2024, respectively, were recorded against certain other deferred state tax assets.

As circumstances and events warrant, allowances will be reversed when it is more likely than not that future taxable income will exceed deductible amounts, thereby resulting in the realization of deferred income tax assets.

Valuation allowances of

$ 1.1 million, $ 2.2 million and $ 2.8 million at December 31, 2024, 2023 and 2022, respectively, were recorded against certain deferred state tax assets.

A reconciliation of the Company’s unrecognized uncertain tax positions since January 1, 2023, is shown below:

7 unchanged sentences

Balance at end of period $ — $ 840 $ 659

At December 31, 2025, the Company had no unrecognized uncertain tax positions.

The Company records interest expense related to uncertain tax positions in income tax expense on the Consolidated Statements of Income (Loss) with the balance of accrued interest in other noncurrent liabilities on the Consolidated Balance Sheet.

The Company accrued immaterial interest expense related to uncertain tax positions during 2024, 2023 and 2022, respectively.

The Company accrued immaterial interest expense related to uncertain tax positions for all periods presented.

Tredegar, or one of its subsidiaries, files income tax returns in the U.S.

3 unchanged sentences

income tax examinations by tax authorities for years before 2022.

The Company anticipates that it is reasonably possible that Federal and state income tax audits or statutes may settle or close within the next 12 months and are not expected to result in a material change in unrecognized tax positions, including any payments that may be made.

On July 4, 2025, new U.S.

tax legislation was signed into law (known as the “One Big Beautiful Bill Act” or “OBBBA”), which makes permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025.

In addition, the OBBBA makes changes to certain U.S.

corporate tax provisions, which have various effective dates.

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

BUSINESS SEGMENTS

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

The Company's business segments are Aluminum Extrusions and High Performance Films.

Aluminum Extrusions, also referred to as Bonnell Aluminum, produces high-quality, soft and medium strength alloyed aluminum extrusions, custom fabricated and finished, for the building and construction, automotive and transportation, consumer durables goods, machinery and equipment, electrical and renewable energy, and distribution markets.

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

High Performance Films produces surface protection films, advanced packaging films and films for other markets.

The Company’s reportable segments are based on its method of internal reporting, which is generally segregated by differences in products.

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Segment Revenue, Segment Profit (Loss), and Significant Expenses

(In thousands) Aluminum Extrusions PE Films Total

(In thousands) Aluminum Extrusions High Performance Films Total

Net Sales $ 598,975 $ 99,756 $ 698,731

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LIFO inventory adjustment 6,741 212 6,953

Manufacturing fixed costs (e) 40,123 13,248 53,371

Selling, general and administrative costs (e) 33,638 11,245 44,883

Other (f) 1,066 105 1,171

Manufacturing fixed costs 5

46,402 14,134 60,536

Selling, general and administrative costs 5

38,461 11,618 50,079

2,164 59 2,223

EBITDA from ongoing operations $ 50,958 $ 27,137 $ 78,095

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Depreciation and amortization 21,535

Plant shutdowns, asset impairments, restructurings and other (a) 5,766

Goodwill impairment 13,271

Plant shutdowns, asset impairments, restructurings and other 1

Interest income 36

Interest expense 4,003

Gain on investment in kaleo, inc.

Corporate expenses, net (d) 24,520

OPEB termination gain 6,265

Corporate expenses, net 4

Income (loss) from continuing operations before income tax 30,669

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Segment Revenue, Segment Profit (Loss), and Significant Expenses

(In thousands) Aluminum Extrusions PE Films Total

(In thousands) Aluminum Extrusions High Performance Films Total

Net Sales $ 471,815 $ 105,199 $ 577,014

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LIFO inventory adjustment 1,234 ( 174 ) 1,060

Manufacturing fixed costs (e) 41,028 13,793 54,821

Selling, general and administrative costs (e) 29,725 12,106 41,831

Other (f) 1,698 156 1,854

Manufacturing fixed costs 5

40,123 13,248 53,371

Selling, general and administrative costs 5

33,638 11,245 44,883

1,066 105 1,171

EBITDA from ongoing operations $ 41,357 $ 30,486 $ 71,843

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Depreciation and amortization 22,922

Plant shutdowns, asset impairments, restructurings and other (a) 8,529

Plant shutdowns, asset impairments, restructurings and other 1

Goodwill impairment 13,271

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Gain on investment in kaleo, inc.

Stock option-based compensation expense 231

Pension settlement loss 92,291

Corporate expenses, net (d) 33,727

Corporate expenses, net 4

Income (loss) from continuing operations before income tax 880

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Segment Revenue, Segment Profit (Loss), and Significant Expenses

(In thousands) Aluminum Extrusions PE Films Total

(In thousands) Aluminum Extrusions High Performance Films Total

Net Sales $ 474,803 $ 76,763 $ 551,566

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LIFO inventory adjustment ( 944 ) ( 1,333 ) ( 2,277 )

Manufacturing fixed costs (e) 43,073 15,216 58,289

Selling, general and administrative costs (e) 31,641 14,116 45,757

Other (f) ( 1,614 ) ( 316 ) ( 1,930 )

Manufacturing fixed costs 5

41,028 13,793 54,821

Selling, general and administrative costs 5

29,725 12,106 41,831

1,698 156 1,854

EBITDA from ongoing operations $ 37,976 $ 11,217 $ 49,193

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Depreciation and amortization 24,449

Plant shutdowns, asset impairments, restructurings and other (a) 956

Plant shutdowns, asset impairments, restructurings and other 1

Goodwill impairment 34,891

Interest income 514

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Stock option-based compensation expense 231

Corporate expenses, net (d) 40,402

Pension settlement loss 92,291

Corporate expenses, net 4

Income (loss) from continuing operations before income tax ( 150,465 )

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Aluminum Extrusions $ 269,802 $ 247,205

PE Films 55,081 56,536

High Performance Films 52,998 55,081

Subtotal 322,800 302,286

General corporate 41,843 46,883

Cash, cash equivalents and restricted cash (b) 7,062 13,051

Cash and cash equivalents 2

Discontinued operations — 126

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Aluminum Extrusions $ 16,640 $ 17,722 $ 17,927 $ 15,392 $ 10,097 $ 20,339

PE Films 5,200 6,522 6,280 1,761 1,772 3,289

High Performance Films 4,895 5,200 6,522 1,849 1,761 1,772

Subtotal 21,535 22,922 24,449 17,241 11,858 22,111

General corporate (d) 302 369 264 — 12 1,771

General corporate 4

194 302 369 — — 12

Discontinued operations — 2,313 2,865 — 2,489 4,323

Total $ 21,729 $ 25,537 $ 27,683 $ 17,241 $ 14,347 $ 26,446

Net Sales by Geographic Area (c)

Net Sales by Geographic Area 3

(In thousands) 2025 2024 2023

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Identifiable Assets

by Geographic Area (c) Property, Plant & Equipment,

Net by Geographic Area (c)

by Geographic Area 3

Property, Plant & Equipment,

Net by Geographic Area 3

(In thousands) 2025 2024 2025 2024

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General corporate 41,843 46,883 1,186 1,823

Cash, cash equivalents and restricted cash (b) 7,062 13,051 n/a n/a

Cash and cash equivalents 2

6,729 7,062 n/a n/a

Discontinued operations — 126 — —

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Subtotal 598,975 471,815 474,803

High Performance Films:

Surface protection films 71,852 75,909 47,463

Packaging 29,290 29,300 29,431

Advanced packaging 27,904 29,290 29,300

Subtotal 99,756 105,199 76,763

Total $ 698,731 $ 577,014 $ 551,566

(a) See Note 1 for more information on losses associated with plant shutdowns, asset impairments and restructurings and other items.

(b) Cash, cash equivalents and restricted cash includes funds held in locations outside the U.S.

See Note 1 for more information on losses associated with plant shutdowns, asset impairments and restructurings and other items.

Cash and cash equivalents includes funds held in locations outside the U.S.

of $ 1.9 million and $ 1.6 million at December 31, 2025 and 2024, respectively.

(d) Corporate depreciation and amortization are included in corporate expenses, net, on the Segment Revenue, Segment Profit (Loss), and Significant Expenses tables above.

(e) Excludes related depreciation and amortization.

(f) Other expenses include segment allocated employee compensation benefits expense.

Export sales relate primarily to High Performance Films.

Corporate depreciation and amortization are included in corporate expenses, net, on the Segment Revenue, Segment Profit (Loss), and Significant Expenses tables above.

Excludes related depreciation and amortization.

Other expenses include segment allocated employee compensation benefits expense.

Tredegar has a savings plan that allows eligible employees to voluntarily contribute a percentage of their compensation, up to IRS limitations.

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The cost of the shares held by the Trust is shown as a reduction to shareholders’ equity in the consolidated balance sheets.

SUPPLY CHAIN FINANCING

The Company had supply chain finance service agreements with third-party financial institutions to provide platforms that facilitate the ability of participating suppliers to finance payment obligations from the Company with third-party financial institutions.

The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, were not affected by suppliers’ decisions to finance amounts under the supply chain finance agreements.

As of December 31, 2024, the Company is no longer participating in supply chain finance service agreements through third-party financial institutions.

As of December 31, 2023, $ 1.0 million of the Company’s accounts payable were financed by participating suppliers through third-party financial institutions.

A reconciliation of the beginning and ending balances of the supply chain financing for the year ended December 31, 2024 is as follows:

(In thousands) 2024 2023

Balance, beginning of year $ 1,006 $ 14,823

New obligations entered — 27,763

Less payments made ( 1,006 ) ( 41,580 )

Balance, end of year $ — $ 1,006

CONTINGENCIES

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The Company discloses contingent liabilities if the probability of loss is reasonably possible and considered to be material.

Under the terms of the agreement pursuant to which the Company sold its former flexible packaging business headquartered in Brazil to Oben, the Company agreed to indemnify Oben for certain liabilities related to Terphane.

On January 16, 2026, Oben informed the Company that Terphane received a tax infraction notice from the State Treasury of Pernambuco (“State Treasury”) providing an assessment for the collection of ICMS state value-added tax as well as interest and penalties alleging Terphane made use of certain tax credits without complying with the requirements for the use of such tax credits, for the 2021 and 2022 tax years.

The Company assumed the defense of the matter and filed a response with the State Treasury contesting the assessment.

The proceedings are in the early stages of the administrative review process.

Any adverse outcomes at the administrative level will be eligible for appeal through judicial processes.

The Company has not recorded any liability relating to this notice and cannot reasonably estimate any reasonably possible loss at this time.

Flexible Packaging Films

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The cash proceeds received by Tredegar at closing are after deducting net working capital adjustments and closing indebtedness ($ 20.5 million), escrow funds ($ 19.8 million), projected Brazil withholding taxes ($ 10.8 million), and transaction expenses ($ 4.4 million).

On February 28, 2025, the Company received $ 9.8 million from post-closing settlement of the transaction, which was $ 2.8 million higher than expected mainly due to higher cash held at Terphane in Brazil than estimated at closing.

In February 2025, the Company received $ 9.8 million from post-closing settlement of the transaction.

The proceeds from the sale of Terphane were required to be used to pay down debt outstanding under the ABL Facility.

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Asset impairments and costs associated with exit and disposal activities, net of adjustments — — 107

Loss on sale of business 74,877 — —

(Gain) loss on sale of business ( 9,657 ) 74,877 —

Total ( 9,270 ) 194,267 141,069

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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 Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively were as follows:

(In thousands) 2024 2023

Restricted cash $ — $ 404

Accounts and other receivables, net — 12,323

Inventories — 32,382

Prepaid expenses and other — 3,249

Total current assets — 48,358

Property, plant and equipment, net — 32,298

Right-of-use leased assets — 748

Identifiable intangible assets, net — 746

Deferred income taxes (a) 126 1,880

Other assets — 436

Total non-current assets 126 36,108

Total assets of discontinued operations $ 126 $ 84,466

Accounts payable (a) $ 161 $ 25,695

Accrued expenses (a) 580 5,836

Lease liability, short-term — 204

Income taxes payable — 1,027

Total current liabilities 741 32,762

Lease liability long-term — 546

Long term debt — 20,000

Other non-current liabilities — 257

Total non-current liabilities — 20,803

Total liabilities of discontinued operations $ 741 $ 53,565

(a) The consolidated balance sheet of discontinued operations as of December 31, 2024 includes $ 0.1 million of deferred tax assets, $ 0.6 million of severance and $ 0.2 million of miscellaneous accrued expenses.

At December 31, 2024, assets and liabilities of the discontinued operations totaled $ 0.1 million and $ 0.7 million, respectively.

At December 31, 2025, the Company had no remaining assets or liabilities associated with the discontinued operations.

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

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Depreciation and amortization $ — $ 2,313 $ 2,865

Loss on the sale of divested business 74,877 — —

(Gain) loss on the sale of divested business ( 9,657 ) 74,877 —

Total $ ( 9,657 ) $ 77,190 $ 2,865

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Borrowings $ — $ — $ 20,000

Debt principal payments — — —

Total $ — $ — $ 20,000

SELECTED QUARTERLY FINANCIAL DATA

Tredegar Corporation and Subsidiaries

(In thousands, except per-share amounts)

First Quarter Second Quarter Third Quarter Fourth Quarter

For the year ended December 31, 2024

Sales $ 143,972 $ 153,940 $ 146,064 $ 154,049

Gross profit 23,851 29,598 18,125 24,483

Income (loss) from continuing operations, net of tax 2,604 9,170 ( 3,389 ) ( 7,339 )

Income (loss) from discontinued operations, net of tax 684 ( 378 ) ( 557 ) ( 65,359 )

Net income (loss) $ 3,288 $ 8,792 $ ( 3,946 ) $ ( 72,698 )

Earnings (loss) per share:

Continuing operations $ 0.08 $ 0.27 $ ( 0.10 ) $ ( 0.21 )

Discontinued operations 0.02 ( 0.01 ) ( 0.01 ) ( 1.91 )

Basic $ 0.10 $ 0.26 $ ( 0.11 ) $ ( 2.12 )

Continuing operations $ 0.08 $ 0.27 $ ( 0.10 ) $ ( 0.21 )

Discontinued operations 0.02 ( 0.01 ) ( 0.01 ) ( 1.91 )

Diluted $ 0.10 $ 0.26 $ ( 0.11 ) $ ( 2.12 )

For the year ended December 31, 2023

Sales $ 159,237 $ 143,350 $ 134,569 $ 136,167

Gross profit 22,655 15,987 14,090 18,394

Income (loss) from continuing operations, net of tax ( 17 ) ( 15,918 ) ( 49,172 ) ( 34,057 )

Income (loss) from discontinued operations, net of tax ( 992 ) ( 3,004 ) ( 1,208 ) ( 1,534 )

Net income (loss) $ ( 1,009 ) $ ( 18,922 ) $ ( 50,380 ) $ ( 35,591 )

Earnings (loss) per share:

Continuing operations $ — $ ( 0.47 ) $ ( 1.43 ) $ ( 1.00 )

Discontinued operations ( 0.03 ) ( 0.09 ) ( 0.04 ) ( 0.04 )

Basic $ ( 0.03 ) $ ( 0.56 ) $ ( 1.47 ) $ ( 1.04 )

Continuing operations $ — $ ( 0.47 ) $ ( 1.43 ) $ ( 1.00 )

Discontinued operations ( 0.03 ) ( 0.09 ) ( 0.04 ) ( 0.04 )

Diluted $ ( 0.03 ) $ ( 0.56 ) $ ( 1.47 ) $ ( 1.04 )

Due to rounding, the sum of quarterly amounts presented in the table above may not add up precisely to the corresponding full year amounts.

FORM 10-K SUMMARY

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1-10258), filed on April 22, 2024, and incorporated herein by reference)

10.1.8 Amendment No.

5, dated May 6, 2025, to Second Amended and Restated Credit Agreement, dated as of June 29, 2022, by and among Tredegar Corporation, as borrower, certain of Tredegar Corporation’s material domestic subsidiaries, as guarantors, the lenders named therein, JPMorgan Chase Bank, N.A., as administrative agent, and JPMorgan Chase Bank, N.A., Bank of America, N.A., Citizens Bank, N.A., and PNC Capital Markets LLC, as Joint Bookrunners and Joint Lead Arrangers.

(filed as Exhibit 10.1 to Tredegar's Current Report on Form 8-K (File No.

1-10258), filed on May 9, 2025, and incorporated herein by reference)

10.2 Reorganization and Distribution Agreement, dated as of June 1, 1989, between Tredegar and Ethyl Corporation (filed as Exhibit 10.1 to Tredegar’s Annual Report on Form 10-K (File No.

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1-10258), filed on November 6, 2023, and incorporated herein by reference)

*10.20 Form of Notice of Phantom Stock Unit Award and Phantom Stock Unit Award Terms and Conditions (filed as Exhibit 10.2 to Tredegar’s Quarterly Report on Form 10-Q (File No.

*10.20 Form of Notice of Phantom Unit Award and Phantom Unit Award Terms and Conditions (filed as Exhibit 10.2 to Tredegar’s Quarterly Report on Form 10-Q (File No.

1-10258) for the quarterly period ended March 31, 2024, and incorporated herein by reference)

+19 Insider Trading Policy

+ *10.21 Executive Retirement Agreement, General Waiver and Release , d ated January 29, 2026, by and between Tredegar Corporation and John M.

+ *10.22 Retirement Release and Equity Vesting Agreement, dated December 31, 202 5, by and between Tredegar Corporation and D.

Andrew Edwards

19 Insider Trading Policy (filed as Exhibit 19 to Tredegar’s Annual Report on Form 10-K (File No.

1-10258) for the year ended December 31, 2024, and incorporated herein by reference)

+ 21 Subsidiaries of Tredegar

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Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

97 Executive Incentive-based Compensation Recoupment Policy (filed as exhibit 97 to Tredegar's Annual R e p or t on Form 10-K ( F i le no.

1-10258) for the year en ded December 31, 2023, and incorporated her by reference)

97 Executive Incentive-based Compensation Recoupment Policy (filed as exhibit 97 to Tredegar's Annual Report on Form 10-K (File no.

1-10258) for the year ended December 31, 2023, and incorporated her by reference)

+ 101 XBRL Instance Document and Related Items

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TREDEGAR CORPORATION

March 12, 2025 By /s/ John M.

March 11, 2026 By /s/ Arijit (Bapi) DasGupta

Arijit (Bapi) DasGupta

President and Chief Executive Officer

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Signature Title

Steitz President, Chief Executive Officer and Director

Steitz) (Principal Executive Officer)

Andrew Edwards Executive Vice President and Chief Financial Officer

Andrew Edwards) (Principal Financial Officer)

/s/ Arijit (Bapi) DasGupta President and Chief Executive Officer

(Arijit (Bapi) DasGupta) (Principal Executive Officer)

/s/ Frasier W.

Brickhouse, II Corporate Treasurer and Controller

Brickhouse, II) (Principal Accounting Officer)

Brickhouse, II Vice President, Chief Financial Officer and Treasurer

Brickhouse, II) (Principal Financial Officer)

/s/ Paul Goldschmiedt Corporate Controller

(Paul Goldschmiedt) (Principal Accounting Officer)

/s/ Gregory A.

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Newsome Director

/s/ David Parks Director

(David Parks)

/s/ Thomas G.

4 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-K

Item 9A. Controls and Procedures