What changed in this filing

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Item 1. Financial Statements

2026-08-07 compared with 2026-05-08 · 211 added, 64 removed, 398 unchanged (41% of the section changed)

3 unchanged sentences

(In Thousands, Except Share Data)

March 31, December 31,

June 30, December 31,

Current assets:

28 unchanged sentences

Shareholders’ equity:

Common stock, no par value (authorized shares 150,000,000 , issued and outstanding 34,995,206 shares at March 31, 2026 and 34,737,534 shares at December 31, 2025)

Common stock, no par value (authorized shares 150,000,000 , issued and outstanding 34,925,717 shares at June 30, 2026 and 34,737,534 shares at December 31, 2025)

65,755 65,477

Common stock held in trust for savings restoration plan ( 118,542 shares at March 31, 2026 and December 31, 2025)

Common stock held in trust for savings restoration plan ( 118,542 shares at June 30, 2026 and December 31, 2025)

( 2,233 ) ( 2,233 )

10 unchanged sentences

(In Thousands, Except Per Share Data)

Three Months Ended March 31,

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

2026 2025 2026 2025

Revenues and other items:

31 unchanged sentences

(In Thousands)

Three Months Ended March 31,

Three Months Ended June 30,

Net income (loss) $ 6,017 $ 1,731

Other comprehensive income (loss):

Unrealized foreign currency translation adjustment (net tax of $ 0 in 2026 and 2025)

Derivative financial instruments adjustment (net of tax expense of $ 245 in 2026 and net of tax benefit of $ 68 in 2025)

Unrealized foreign currency translation adjustment ($ 0 tax in 2026 and 2025)

Derivative financial instruments adjustment (net of tax benefit of $ 406 in 2026 and net of tax expense of $ 171 in 2025)

( 1,409 ) 595

Amortization of prior service costs and net gains or losses (net of tax expense of $ 1 in 2026 and net of tax benefit of $ 14 in 2025)

Other comprehensive income (loss) ( 1,057 ) 595

Comprehensive income (loss) $ 4,960 $ 2,326

Six Months Ended June 30,

Net income (loss) $ 11,678 $ 11,832

Other comprehensive income (loss):

Unrealized foreign currency translation adjustment ($ 0 tax in 2026 and 2025)

Derivative financial instruments adjustment (net of tax benefit of $ 161 in 2026 and net of tax expense of $ 103 in 2025)

Amortization of prior service costs and net gains or losses (net of tax benefit of $ 18 in 2026 and net of tax benefit of $ 38 in 2025)

6 unchanged sentences

(In Thousands)

Three Months Ended March 31,

Six Months Ended June 30,

Cash flows from operating activities:

7 unchanged sentences

Stock-based compensation expense 256 919

Gain on the sale of assets — ( 1,492 )

Gain on the sale of divested business ( 565 ) ( 9,657 )

12 unchanged sentences

Proceeds from the sale of Terphane 565 9,835

Proceeds from the sale of assets — 1,904

Net cash (used in) provided by investing activities ( 8,701 ) 6,101

2 unchanged sentences

Debt principal payments ( 94,962 ) ( 87,494 )

Debt financing costs — ( 1,272 )

Net cash provided by (used in) financing activities 10,938 ( 569 )

7 unchanged sentences

(In Thousands, Except Share and Per Share Data)

The following summarizes the changes in shareholders’ equity for the three month period ended March 31, 2026:

The following summarizes the changes in shareholders’ equity for the three month period ended June 30, 2026:

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

Balance January 1, 2026

Balance April 1, 2026

$ 65,944 $ 152,549 $ ( 2,233 ) $ 7,535 $ 223,795

4 unchanged sentences

Stock-based compensation expense 625 — — — 625

Balance March 31, 2026

Repurchase of employee common stock for tax withholdings ( 814 ) — — — ( 814 )

Balance June 30, 2026

$ 65,755 $ 158,566 $ ( 2,233 ) $ 6,478 $ 228,566

The following summarizes the changes in shareholders’ equity for the three month period ended March 31, 2025:

The following summarizes the changes in shareholders’ equity for the six month period ended June 30, 2026:

Stock Retained

9 unchanged sentences

Stock-based compensation expense 1,092 — — — 1,092

Balance at March 31, 2025 $ 64,151 $ 123,513 $ ( 2,233 ) $ 5,939 $ 191,370

Repurchase of employee common stock for tax withholdings ( 814 ) — — — ( 814 )

Balance at June 30, 2026 $ 65,755 $ 158,566 $ ( 2,233 ) $ 6,478 $ 228,566

See accompanying notes to the condensed consolidated financial statements.

Tredegar Corporation

Condensed Consolidated Statements of Shareholders’ Equity

(In Thousands, Except Share and Per Share Data)

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

Stock Retained

Earnings Trust for

Plan Accumulated Other

Comprehensive Income (Loss) Total

Shareholders’

Balance at April 1, 2025 $ 64,151 $ 123,513 $ ( 2,233 ) $ 5,939 $ 191,370

Net income (loss) — 1,731 — — 1,731

Foreign currency translation adjustment — — — 49 49

Derivative financial instruments adjustment — — — 595 595

Amortization of prior service costs and net gains or losses — — — ( 49 ) ( 49 )

Stock-based compensation expense 769 — — — 769

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

Balance at June 30, 2025 $ 64,561 $ 125,244 $ ( 2,233 ) $ 6,534 $ 194,106

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

Stock Retained

Earnings Trust for

Plan Accumulated Other

Comprehensive Income (Loss) Total

Shareholders’

Balance at January 1, 2025 $ 63,590 $ 113,412 $ ( 2,233 ) $ 6,199 $ 180,968

Net income (loss) — 11,832 — — 11,832

Foreign currency translation adjustment — — — 75 75

Derivative financial instruments adjustment — — — 398 398

Amortization of prior service costs and net gains or losses — — — ( 138 ) ( 138 )

Stock-based compensation expense 1,560 — — — 1,560

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

Balance at June 30, 2025 $ 64,561 $ 125,244 $ ( 2,233 ) $ 6,534 $ 194,106

See accompanying notes to the condensed consolidated financial statements.

TREDEGAR CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

2 unchanged sentences

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

In the opinion of management, the accompanying condensed consolidated financial statements of the Company contain all adjustments necessary to state fairly, in all material respects, Tredegar’s condensed consolidated financial position as of March 31, 2026, the condensed consolidated results of operations for the three months ended March 31, 2026 and 2025, the condensed consolidated cash flows for the three months ended March 31, 2026 and 2025, and the condensed consolidated changes in shareholders’ equity for the three months ended March 31, 2026 and 2025, in accordance with U.S.

In the opinion of management, the accompanying condensed consolidated financial statements of the Company contain all adjustments necessary to state fairly, in all material respects, Tredegar’s condensed consolidated financial position as of June 30, 2026, the condensed consolidated results of operations for the three and six months ended June 30, 2026 and 2025, the condensed consolidated cash flows for the six months ended June 30, 2026 and 2025, and the condensed consolidated changes in shareholders’ equity for the three and six months ended June 30, 2026 and 2025, in accordance with U.S.

generally accepted accounting principles (“GAAP”).

1 unchanged sentence

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

As such, the fiscal first quarter for 2026 and 2025 for this segment references 13-week periods ended March 29, 2026 and March 30, 2025, respectively.

As such, the fiscal second quarter for 2026 and 2025 for this segment references 13-week periods ended June 28, 2026 and June 29, 2025, respectively.

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

1 unchanged sentence

As a result, the Company’s 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 between December 28, 2025 and December 31, 2025.

There was no intercompany funding with Aluminum Extrusions between March 29, 2026 and March 31, 2026.

There was no intercompany funding with Aluminum Extrusions between June 28, 2026 and June 30, 2026.

The condensed consolidated financial statements as of December 31, 2025 that is included herein was derived from the audited consolidated financial statements provided in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”) but does not include all disclosures required by GAAP.

These financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the 2025 Form 10-K.

The results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results to be expected for the full year.

The results of operations for the three and six months ended June 30, 2026, are not necessarily indicative of the results to be expected for the full year.

In the fourth quarter of 2025, the Company renamed the segment formerly known as “PE Films.” This segment is now referred to as “High Performance Films.” The product previously known as polyethylene overwrap films was renamed to advanced packaging films.

26 unchanged sentences

ACCOUNTS AND OTHER RECEIVABLES

As of March 31, 2026 and December 31, 2025, accounts and other receivables, net include the following:

(In thousands) March 31, 2026 December 31, 2025

As of June 30, 2026 and December 31, 2025, accounts and other receivables, net include the following:

(In thousands) June 30, 2026 December 31, 2025

Customer receivables $ 94,108 $ 80,027

4 unchanged sentences

The components of inventories are as follows:

(In thousands) March 31, 2026 December 31, 2025

(In thousands) June 30, 2026 December 31, 2025

Finished goods $ 17,108 $ 17,578

11 unchanged sentences

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

Pension expense recognized for this plan was immaterial in the three months ended March 31, 2026 and 2025.

Pension expense recognized for this plan was immaterial in the three and six months ended June 30, 2026 and 2025.

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

1 unchanged sentence

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 condensed consolidated balance sheets was $ 5.0 million and $ 1.3 million, respectively, which was realized into the income statement during the fourth quarter of 2025.

The components of net periodic benefit cost for the pension and Other Post-Retirement Benefits reflected in the condensed consolidated statements of income for the three months ended March 31, 2026 and 2025, are shown below:

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

The components of net periodic benefit cost for the pension and Other Post-Retirement Benefits reflected in the condensed consolidated statements of income for the three and six months ended June 30, 2026 and 2025, are shown below:

Pension Benefits Other Post-Retirement Benefits

Three Months Ended March 31, Three Months Ended March 31,

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

(In thousands) 2026 2025 2026 2025

3 unchanged sentences

Net periodic benefit cost $ 25 $ 25 $ — $ 2

Pension and other postretirement liabilities were $ 1.5 million and $ 1.4 million at March 31, 2026 and December 31, 2025, respectively ($ 0.2 million included in “Accrued expenses” at March 31, 2026 and December 31, 2025 with the remainder included in “Pension and other postretirement benefit obligations, net” in the condensed consolidated balance sheets).

Pension Benefits Other Post-Retirement Benefits

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

(In thousands) 2026 2025 2026 2025

Service cost $ — $ — $ — $ 4

Interest cost 142 39 — 136

Amortization of prior service costs, (gains) losses and net transition asset ( 79 ) 10 — ( 186 )

Net periodic benefit cost $ 63 $ 49 $ — $ ( 46 )

Pension and other postretirement liabilities were $ 1.5 million and $ 1.4 million at June 30, 2026 and December 31, 2025, respectively ($ 0.2 million included in “Accrued expenses” at June 30, 2026 and December 31, 2025 with the remainder included in “Pension and other postretirement benefit obligations, net” in the condensed consolidated balance sheets).

EARNINGS PER SHARE

1 unchanged sentence

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

Three Months Ended March 31,

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

(In thousands) 2026 2025 2026 2025

3 unchanged sentences

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

Average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options were 1,160,761 and 1,325,890 for the three months ended March 31, 2026 and 2025, respectively.

Average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options were 1,072,073 and 1,116,417 for the three and six months ended June 30, 2026, respectively.

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

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2026.

The changes in accumulated other comprehensive income (loss) by component for the three months ended June 30, 2026.

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

Balance at April 1, 2026 $ 5,894 $ 1,922 $ ( 281 ) $ 7,535

Other comprehensive income (loss) 347 1,170 — 1,517

Income tax (expense) benefit — ( 261 ) — ( 261 )

Other comprehensive income (loss), net of tax 347 909 — 1,256

Reclassification adjustment to net income (loss) — ( 2,985 ) 6 ( 2,979 )

Income tax (expense) benefit — 667 ( 1 ) 666

Reclassification adjustment to net income (loss), net of tax — ( 2,318 ) 5 ( 2,313 )

Other comprehensive income (loss), net of tax 347 ( 1,409 ) 5 ( 1,057 )

Balance at June 30, 2026

$ 6,241 $ 513 $ ( 276 ) $ 6,478

The changes in accumulated other comprehensive income (loss) by component for the six months ended June 30, 2026.

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

Balance at January 1, 2026 $ 5,566 $ 1,071 $ ( 215 ) $ 6,422

6 unchanged sentences

Other comprehensive income (loss), net of tax 675 ( 558 ) ( 61 ) 56

Balance at March 31, 2026

Balance at June 30, 2026

$ 6,241 $ 513 $ ( 276 ) $ 6,478

The changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2025.

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

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

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

Other comprehensive income (loss) 48 754 — 802

Income tax (expense) benefit — ( 168 ) — ( 168 )

Other comprehensive income (loss), net of tax 48 586 — 634

Reclassification adjustment to net income (loss) — 13 ( 63 ) ( 50 )

Income tax (expense) benefit — ( 3 ) 14 11

Reclassification adjustment to net income (loss), net of tax — 10 ( 49 ) ( 39 )

Other comprehensive income (loss), net of tax 48 596 ( 49 ) 595

Balance at June 30, 2025

$ 5,180 $ 666 $ 688 $ 6,534

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

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

Balance at January 1, 2025 $ 5,105 $ 268 $ 826 $ 6,199

6 unchanged sentences

Other comprehensive income (loss), net of tax 75 398 ( 138 ) 335

Balance at March 31, 2025

Balance at June 30, 2025

$ 5,180 $ 666 $ 688 $ 6,534

8 unchanged sentences

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

The notional amount of aluminum futures contracts that hedged future purchases of aluminum to meet fixed-price forward sales contract obligations was $ 9.6 million ( 4.7 million pounds of aluminum) at March 31, 2026 and $ 10.0 million ( 5.2 million pounds of aluminum) at December 31, 2025.

The table below summarizes the location and gross amounts of aluminum futures contract fair values (Level 2) in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025:

March 31, 2026 December 31, 2025

The notional amount of aluminum futures contracts that hedged future

purchases of aluminum to meet fixed-price forward sales contract obligations was $ 15.0 million ( 6.2 million pounds of aluminum) at June 30, 2026 and $ 10.0 million ( 5.2 million pounds of aluminum) at December 31, 2025.

The table below summarizes the location and gross amounts of aluminum futures contract fair values (Level 2) in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025:

June 30, 2026 December 31, 2025

(In thousands) Balance Sheet

3 unchanged sentences

Prepaid expenses and other $ 1,305 $ 1,392

Asset derivatives:

Aluminum futures contracts

Other assets 2 —

Liability derivatives:

4 unchanged sentences

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

The pre-tax effect on net income (loss) and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three month periods ended March 31, 2026 and 2025 is summarized in the table below:

The pre-tax effect on net income (loss) and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three and six month periods ended June 30, 2026 and 2025 is summarized in the table below:

Cash Flow Derivative Hedges

Three Months Ended March 31,

Three Months Ended June 30,

Aluminum Futures Contracts

3 unchanged sentences

Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion) $ 2,985 $ ( 13 )

As of March 31, 2026, the Company expects $ 1.9 million of unrealized after-tax gains on aluminum derivative instruments reported in accumulated other comprehensive income (loss) to be reclassified to earnings within the next 12 months.

For the three month periods ended March 31, 2026 and 2025, net gains or losses realized, from previously unrealized net gains or losses on hedges that had been discontinued, were not material.

Tredegar recorded tax expense (benefit) of $ 1.0 million on pre-tax income (loss) from continuing operations of $ 6.1 million in the first three months of 2026.

The effective tax rate in the first three months of 2026 was 16.9 % and 46.2 % in the first three months of 2025.

The effective tax rate for the first three months of 2026 varies from the statutory rate of 21% due to research and development tax credits while the effective tax rate for the first three months of 2025 varies from the statutory rate due to a mix of lower pre-tax income and higher nondeductible discrete items as a percentage of pre-tax income.

Six Months Ended June 30,

Aluminum Futures Contracts

Amount of pre-tax gain (loss) recognized in other comprehensive income (loss) $ 1,550 $ 711

Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion) Cost of goods sold Cost of goods sold

Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion) $ 2,269 $ ( 31 )

As of June 30, 2026, the Company expects $ 0.6 million of unrealized after-tax gains on aluminum derivative instruments reported in accumulated other comprehensive income (loss) to be reclassified to earnings within the next 12 months.

For the three and six month periods ended June 30, 2026 and 2025, net gains or losses realized, from previously unrealized net gains or losses on hedges that had been discontinued, were not material.

Tredegar recorded tax expense (benefit) of $ 2.8 million on pre-tax income (loss) from continuing operations of $ 13.9 million in the first six months of 2026.

The effective tax rate in the first six months of 2026 was 19.9 % and 38.4 % in the first six months of 2025.

The effective tax rate for the first six months of 2026 varied from the statutory rate of 21% due to research and development tax credits while the effective tax rate for the first six months of 2025 varied from the statutory rate due to a mix of lower pre-tax income and higher nondeductible discrete items as a percentage of pre-tax income.

BUSINESS SEGMENTS

6 unchanged sentences

EBITDA from ongoing operations used by the CODM excludes certain non-recurring items, such as restructuring costs, asset impairments and other items, which are reported separately.

The CODM uses EBITDA from ongoing operations to

evaluate the operating performance of Tredegar’s ongoing operations, monitor budget versus actual results, establish management’s compensation and allocate resources.

The CODM uses EBITDA from ongoing operations to evaluate the operating performance of Tredegar’s ongoing operations, monitor budget versus actual results, establish management’s compensation and allocate resources.

EBITDA from ongoing operations is the primary measure of segment performance and is consistent with how the business is managed internally, in addition to being a key financial and analytic metric for borrowing capacity and estimated enterprise value.

1 unchanged sentence

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

The following tables present segment revenue, segment profit (loss), and significant expenses for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31, 2026

The following tables present segment revenue, segment profit (loss), and significant expenses for the three months ended June 30, 2026 and 2025:

Three Months Ended June 30, 2026

(In thousands) Aluminum Extrusions High Performance Films Total

22 unchanged sentences

Excludes related depreciation and amortization.

Includes segment allocated employee-related benefit expense (income).

Includes segment allocated employee compensation benefit expenses.

Includes corporate depreciation and amortization.

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

(In thousands) Aluminum Extrusions High Performance Films Total

22 unchanged sentences

Excludes related depreciation and amortization.

Includes segment allocated employee-related benefit expense (income).

Includes segment allocated employee compensation benefit expenses.

Includes corporate depreciation and amortization.

The following table presents identifiable assets by segment at March 31, 2026 and December 31, 2025:

(In thousands) March 31, 2026 December 31, 2025

The following tables present segment revenue, segment profit (loss), and significant expenses for the six months ended June 30, 2026 and 2025:

Six Months Ended June 30, 2026

(In thousands) Aluminum Extrusions High Performance Films Total

Net Sales $ 343,586 $ 47,168 $ 390,754

Reconciliation of revenue:

Add back freight 11,971

Sales as shown in the consolidated statements of income (loss) $ 402,725

Variable costs $ 273,929 $ 23,807 $ 297,736

Manufacturing fixed costs 1

24,139 7,123 31,262

Selling, general and administrative costs 1

19,933 5,450 25,383

( 607 ) ( 66 ) ( 673 )

EBITDA from ongoing operations $ 26,192 $ 10,854 $ 37,046

Reconciliation of profit (loss):

Depreciation and amortization 10,644

Plant shutdowns, asset impairments, restructurings and other 588

Interest income 29

Interest expense 824

Corporate expenses, net 3

Income (loss) from continuing operations before income tax 13,880

Income tax expense (benefit) 2,763

Net income (loss) from continuing operations 11,117

Income (loss) from discontinued operations, net of tax 561

Net income (loss) $ 11,678

Excludes related depreciation and amortization.

Includes segment allocated employee compensation benefit expenses.

Includes corporate depreciation and amortization.

Six Months Ended June 30, 2025

(In thousands) Aluminum Extrusions High Performance Films Total

Net Sales $ 281,999 $ 50,134 $ 332,133

Reconciliation of revenue:

Add back freight 11,720

Sales as shown in the consolidated statements of income (loss) $ 343,853

Variable costs $ 219,582 $ 23,664 $ 243,246

Manufacturing fixed costs 1

22,973 6,702 29,675

Selling, general and administrative costs 1

19,541 5,459 25,000

1,462 76 1,538

EBITDA from ongoing operations $ 18,441 $ 14,233 $ 32,674

Reconciliation of profit (loss):

Depreciation and amortization 10,799

Plant shutdowns, asset impairments, restructurings and other 1,224

Interest income 11

Interest expense 2,798

Corporate expenses, net 3

Income (loss) from continuing operations before income tax 4,060

Income tax expense (benefit) 1,560

Net income (loss) from continuing operations 2,500

Income (loss) from discontinued operations, net of tax 9,332

Net income (loss) $ 11,832

Excludes related depreciation and amortization.

Includes segment allocated employee compensation benefit expenses.

Includes corporate depreciation and amortization.

The following table presents identifiable assets by segment at June 30, 2026 and December 31, 2025:

(In thousands) June 30, 2026 December 31, 2025

Aluminum Extrusions $ 308,993 $ 269,802

4 unchanged sentences

Total $ 412,925 $ 371,372

The following table presents depreciation and amortization for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,

The following table presents depreciation and amortization for the three and six months ended June 30, 2026 and 2025:

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

(In thousands) 2026 2025 2026 2025

4 unchanged sentences

Total $ 5,441 $ 5,372 $ 10,736 $ 10,897

The following table presents capital expenditures for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,

The following table presents capital expenditures for the three and six months ended June 30, 2026 and 2025:

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

(In thousands) 2026 2025 2026 2025

1 unchanged sentence

High Performance Films 379 295 831 882

Total $ 5,141 $ 2,957

The following tables disaggregate the Company’s net sales by geographic area and product group for the three months ended March 31, 2026 and 2025:

General Corporate 86 — 86 —

Subtotal $ 4,125 $ 2,681 $ 9,266 $ 5,639

The following tables disaggregate the Company’s net sales by geographic area and product group for the three and six months ended June 30, 2026 and 2025:

Net Sales by Geographic Area (a)

Three Months Ended March 31,

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

(In thousands) 2026 2025 2026 2025

4 unchanged sentences

Canada 2,209 2,997 5,988 5,170

Europe 32 30 81 37

Operations outside the United States:

Asia 591 296 1,060 516

Total $ 209,764 $ 172,963 $ 390,754 $ 332,133

(a) Export sales relate mostly to High Performance Films.

The geographic area for net sales is determined by the shipping destination.

The Company’s facilities in Pottsville, PA (“PV”) and Guangzhou, China (“GZ”) have a tolling arrangement whereby certain surface protection films are manufactured in GZ for a fee with raw materials supplied from PV that are then shipped by GZ directly to customers principally in the Asian market, but paid by customers directly to PV.

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

to Asia, and include net sales of $ 5.5 million and $ 6.6 million in the first quarter of 2026 and 2025, respectively.

to Asia, and include net sales of $ 8.2 million and $ 6.3 million in the second quarter of 2026 and 2025, respectively, and $ 13.7 million and $ 12.9 million in the first six months of 2026 and 2025, respectively.

Net Sales by Product Group

Three Months Ended March 31,

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

(In thousands) 2026 2025 2026 2025

22 unchanged sentences

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

The following table summarizes the financial results of discontinued operations reflected in the Condensed Consolidated Statements of Income (Loss) for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,

The following table summarizes the financial results of discontinued operations reflected in the Condensed Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2026 and 2025:

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

(In thousands) 2026 2025 2026 2025

1 unchanged sentence

Selling, general and administrative $ 38 $ 97 $ 35 $ 325

(Gain) loss on sale of business ( 565 ) ( 9,657 )

Gain on the sale of divested business — — ( 565 ) ( 9,657 )

Total 38 97 ( 530 ) ( 9,332 )

1 unchanged sentence

Income tax expense (benefit) 1

( 8 ) — ( 31 ) —

Income (loss) from discontinued operations, net of tax $ ( 30 ) $ ( 97 ) $ 561 $ 9,332

An inconsequential income tax expense (benefit) was recognized during the three months ended March 31, 2025, primarily due to foreign tax credits generated from the final Brazilian withholding tax payment made during the periods, which offset the tax liability on the income from discontinued operations.

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

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

Three Months Ended March 31,

Six Months Ended June 30,

(In thousands) 2026 2025

6 unchanged sentences

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

What changed 10-Q

Item 1. Financial Statements