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BUSINESS SEGMENTS
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
BUSINESS SEGMENTS 9. BUSINESS SEGMENTS
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. 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. Accounting standards for presentation of segments require an approach based on the way the Company organizes the segments for making operating decisions and how the chief operating decision maker (“CODM”) assesses performance. EBITDA from ongoing operations is the key profitability measure used by the CODM (Tredegar’s President and Chief Executive Officer) for purposes of assessing financial performance.
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. 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.
The Company uses sales less freight (“net sales”) as its measure of revenues from external customers at the segment level. 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
(In thousands)Aluminum ExtrusionsHigh Performance FilmsTotal
Net Sales$159,457 $21,533 $180,990 
Reconciliation of revenue:
Add back freight5,499 
Sales as shown in the consolidated statements of income (loss)$186,489 
Less:
Variable costs$127,333 $10,422 $137,755 
Manufacturing fixed costs1
11,800 3,471 15,271 
Selling, general and administrative costs1
8,905 2,593 11,498 
Other2
(263)(27)(290)
EBITDA from ongoing operations$11,682 $5,074 $16,756 
Reconciliation of profit (loss):
Depreciation and amortization5,248 
Plant shutdowns, asset impairments, restructurings and other222 
Interest income10 
Interest expense359 
Corporate expenses, net3
4,835 
Income (loss) from continuing operations before income tax6,102 
Income tax expense (benefit)1,032 
Net income (loss) from continuing operations5,070 
Income (loss) from discontinued operations, net of tax591 
Net income (loss)$5,661 
1. Excludes related depreciation and amortization.
2. Includes segment allocated employee-related benefit expense (income).
3. Includes corporate depreciation and amortization.
Three Months Ended March 31, 2025
(In thousands)Aluminum ExtrusionsHigh Performance FilmsTotal
Net Sales$133,635 $25,537 $159,172 
Reconciliation of revenue:
Add back freight5,566 
Sales as shown in the consolidated statements of income (loss)$164,738 
Less:
Variable costs$103,523 $11,977 $115,500 
Manufacturing fixed costs1
11,214 3,459 14,673 
Selling, general and administrative costs1
9,412 2,592 12,004 
Other2
326 (11)315 
EBITDA from ongoing operations$9,160 $7,520 $16,680 
Reconciliation of profit (loss):
Depreciation and amortization5,475 
Plant shutdowns, asset impairments, restructurings and other1,167 
Interest income5 
Interest expense1,013 
Corporate expenses, net3
7,782 
Income (loss) from continuing operations before income tax1,248 
Income tax expense (benefit)577 
Net income (loss) from continuing operations671 
Income (loss) from discontinued operations, net of tax9,430 
Net income (loss)$10,101 
1. Excludes related depreciation and amortization.
2. Includes segment allocated employee-related benefit expense (income).
3. 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, 2026December 31, 2025
Aluminum Extrusions$300,531 $269,802 
High Performance Films53,511 52,998 
Subtotal354,042 322,800 
General corporate33,990 41,843 
Cash and cash equivalents15,611 6,729 
Total$403,643 $371,372 
The following table presents depreciation and amortization for the three months ended March 31, 2026 and 2025:
 Three Months Ended March 31,
(In thousands)20262025
Aluminum Extrusions$4,045 $4,225 
High Performance Films1,203 1,250 
Subtotal5,248 5,475 
General corporate48 51 
Total$5,296 $5,526 
The following table presents capital expenditures for the three months ended March 31, 2026 and 2025:
 Three Months Ended March 31,
(In thousands)20262025
Aluminum Extrusions$4,689 $2,370 
High Performance Films452 587 
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:
Net Sales by Geographic Area (a)
Three Months Ended March 31,
(In thousands)20262025
United States$166,665 $144,357 
Exports from the United States to:
Asia7,772 10,836 
Latin America2,256 1,579 
Canada3,779 2,173 
Europe49 7 
Operations outside the United States:
Asia469 220 
Total$180,990 $159,172 
(a) Export sales relate mostly to High Performance Films.
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.
Net Sales by Product Group
Three Months Ended March 31,
(In thousands)20262025
Aluminum Extrusions:
Nonresidential building & construction$81,188 $67,601 
Consumer durables13,322 11,667 
Automotive11,592 10,998 
Residential building & construction11,940 8,998 
Electrical10,980 15,341 
Machinery & equipment25,471 15,283 
Distribution4,964 3,747 
Subtotal159,457 133,635 
High Performance Films:
Surface protection films14,200 18,770 
Advanced packaging7,333 6,767 
Subtotal21,533 25,537 
Total $180,990 $159,172