EX-99.2 3 ex99_2.htm EXHIBIT 99.2

ANNUALMEETING 2019 Exhibit 99.2

Annual Meeting Business Report Bill GottwaldChairman of the Board of Directors

2019 Annual Meeting Agenda 3 Annual Meeting Business ReportMeet John Steitz, President and Chief Executive OfficerTredegar Financial ReportDrew Edwards, Vice President and Chief Financial OfficerThe Tredegar Way, John SteitzQuestions

2019 Annual Meeting Forward Looking Statements & Non-GAAP Measures 4 Certain statements contained in this presentation are forward-looking statements. Pursuant to federal securities regulations, we have set forth cautionary statements relating to those forward-looking statements in our Annual Report on Form 10-K for the year ended December 31, 2018 and in other filings with the Securities and Exchange Commission. We urge readers to review and carefully consider these cautionary statements and the other disclosures we make in our filings with the SEC.This presentation contains non-GAAP financial measures that are not determined in accordance with United States GAAP. These non-GAAP financial measures should not be considered in isolation, as an alternative to, or more meaningful than measures of financial performance determined in accordance with United States GAAP. A reconciliation of those financial measures to United States GAAP financial measures is included under “Supplemental Information” in this presentation and is available on the company’s website at www.tredegar.com under “Investors”.The presentation speaks as of the date thereof. Tredegar is not, and should not be deemed to be, updating or reaffirming any information contained therein. We do not undertake, and expressly disclaim any duty, to update any forward-looking statements made in this presentation to reflect any change in management’s expectations or any change in conditions, assumptions or circumstances on which such statements are based.

5 CEO, Addivant Corporation (2015-2019)Director, Tredegar Corporation (2017-present)COO, Albemarle Corporation (2007-2012) 2019 Annual Meeting Meet John Steitz

Tredegar Financial Report Drew EdwardsVice President and Chief Financial Officer

2019 Annual Meeting Bridge of Tredegar 2017 to 2018 EPS from Ongoing Operations 7 ($ Millions Except EPS Data)

2019 Annual Meeting 2019 Outlook 8 PE FilmsPersonal Care: Quarterly profit decline after Q4-18 from customer product transition expected of ~$3.5 millionSales growth from investments in new products plus cost optimization key to improvementsSurface Protection: Customer product transition that could have adverse impact on annual profit of $11 million continues to be delayedMaking progress with new products, applications and customers supporting long-term profit growth Terphane: Continued uncertainty and volatility expected with industry excess capacity but improved performance in 2018 encouraging for 2019Bonnell: Volume growth of ~4% achieved in first quarter of 2019 but Niles, MI plant inefficiencies still a challenge; continue to watch for indications of cyclical downturn

2019 Annual Meeting Tredegar Debt, Net of Cash (“Net Debt”) 9 ($ Millions) Net debt at 3/31/19 of $74 million. Cash dividend from kaléo of $17.6 million received 4/30/19.

2019 Annual Meeting Internal Control Over Financial Reporting (“SOX Compliance”) 10 Prior auditor’s 2017 audit of Tredegar inspected by the Public Company Accounting Oversight Board (the “PCAOB”)Following the PCAOB’s inspection, auditor and Tredegar found material weaknesses in internal controlsBut no changes to financial statements were requiredSignificant remediation required to achieve SOX Compliance in the futureProgress towards remediation to be reported in each quarterly or annual filingOne-time remediation cost estimated of $1.5 million and likely higher annual ongoing SOX compliance costs estimated at $500,000

The Tredegar Way John SteitzPresident and Chief Executive Officer

2019 Annual Meeting The Tredegar Way 12 Margins Velocity Topline Growth Leadership New Investment Five Principles for Driving Shareholder Value Driving Shareholder Growth

2019 Annual Meeting Topline Growth 13 Taking care of customer needs - the right product in the right place at the right timeMarket share growth and new product innovationBroadening definition of customer needs to adjacent market opportunitiesWhat are customers working on that is new and exciting?Driving commercial excellenceAmplify the value we bring to our customers through business leadership, sales, R&D and supply chain with uncompromised teamwork

2019 Annual Meeting Margins 14 Strategic pricingAchieving value for Tredegar technology and serviceOptimal product mixHigher margins ascending the value chainContinuous improvement of processes, costs and yieldsLeadership and core competency in quality and manufacturing

2019 Annual Meeting Velocity 15 Speed-to-marketMust be nimble and responsiveCritical operational tasksPrecise supply chain planningMachinery, equipment and plant utilizationEliminate idle costs and wasteWorking capital managementThe higher our efficiency the greater our CASH generation

2019 Annual Meeting New Investment 16 Needed to support topline growth, new opportunities, cost reduction, safety improvement and protection of our environmentAcquisitionsEarn the right to invest in businesses we understand and are accretive to our earnings, margins and CASH generationTotal return to shareholders

2019 Annual Meeting Leadership 17 Winning attitudeExecute, execute, executePower of specificityFollow-through with attention to detailFocus on critical priorities, accountability and metricsIncentives and rewards aligned with Tredegar shareholders

2019 Annual Meeting The Tredegar Way 18 Margins Velocity Topline Growth Leadership New Investment Achieving shareholder value and excellence in all that we do Driving Shareholder Growth

Questions

GAAP to Non-GAAP Reconciliations

2019 Annual Meeting GAAP to Non-GAAP Reconciliations 21

2019 Annual Meeting GAAP to Non-GAAP Reconciliations 22