AI Earnings Predictions for Magnera Corporation (MAGN)

EX-99.1

2 ef20079553_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

News Release

Magnera Reports Third Quarter

Third Quarter Highlights

•

GAAP: Net sales of $857 million, Operating income of $22 million

•

Non-GAAP: Adjusted EBITDA of $99 million

•

Twelve-month adjusted free cash flow yield of greater than 25% as of quarter-end

Curt Begle, Magnera’s CEO, commented: “We delivered a record third quarter led by organic volume growth, combined with the savings benefits of synergy initiatives and Project Core.  In addition, our commercial team executed the disciplined actions required to effectively manage the significant spike in inflationary costs of certain raw materials.

As we continue to navigate a dynamic macro-economic environment, we remain focused on executing our strategic objectives and delivering dependable financial results. Consistent with that commitment, we are reaffirming our full-year free cash flow outlook, while holding to the lower end of our adjusted EBITDA guidance range.”

Key Financials

June Quarter

June YTD

GAAP results

2026

2025

2026

2025

Net sales

$

857

$

839

$

2,445

$

2,365

Operating income

22

13

53

(5

)

June Quarter

Reported

Comparable(1)

June YTD

Reported

Comparable(1)

Adjusted non-GAAP results

2026

2025

%

%

2026

2025

%

%

Net sales

$

857

$

839

2

%

-

$

2,445

$

2,365

3

%

(5

%)

Adjusted EBITDA (1)

99

91

9

%

9

%

282

264

7

%

3

%

(1)

Adjusted non-GAAP results exclude items not considered to be ongoing operations.  In addition, comparable change %

normalizes the impacts of foreign currency and the merger with Glatfelter.  Further details related to non-GAAP measures and reconciliations can be found under “Reconciliation of Non-GAAP Financial Measures and Estimates” section or in reconciliation tables in this release.  Dollars in millions

Consolidated Overview

The net sales increase included a favorable foreign currency change of $21 million and a 1% organic volume improvement, partially offset by an $8 million decrease in selling prices primarily due to negative product mix net of the pass-through of higher raw material costs.  The volume increase was mainly attributed to strength in our consumer solutions product categories globally and recovery in North America from winter storm disruptions experienced in the second quarter.

The adjusted EBITDA was up 9% primarily as a result of favorable price cost spread of $11 million.

Americas

The net sales increase included a favorable foreign currency change of $10 million and a 1% organic volume improvement, partially offset by a $13 million decrease in selling prices primarily due to negative product mix net of the pass-through of higher raw material costs.

The adjusted EBITDA improvement resulted mostly from a favorable price cost spread of $11 million due to the realized benefits from Project CORE and merger synergies that were partially offset by higher selling, general and administrative costs.

Page | 1

Rest of World

The net sales increase included a favorable foreign currency change of $11 million and a $5 million increase in selling prices due to the pass-through of higher raw material costs.

The adjusted EBITDA declined $2 million as benefits from Project CORE and synergy realization were offset by higher inflation in the region, timing of material pass throughs and higher selling, general and administrative costs.

Investor Conference Call

The Company will host a conference call, August 6, 2026, at 10:00 AM U.S. Eastern Time to discuss the third quarter results.  The webcast can be accessed here. A replay of the webcast will be available via the same link on the Company’s website after the completion of the call.

By Telephone

Participants may register for the call here now or any time up to and during the time of the call and will immediately receive the dial-in number and a unique pin to access the call.  While you may register at any time up to and during the time of the call, you are encouraged to join the call 15 minutes prior to the start of the event.

About Magnera

Magnera Corporation (NYSE: MAGN) serves 1,000+ customers worldwide, offering a wide range of material solutions, including components for absorbent hygiene products, protective apparel, wipes, specialty building and construction products, and products serving the food and beverage industry. Operating across 44 global facilities, Magnera is supported by over 8,000+ employees. Magnera’s purpose is to better the world with new possibilities made real. For more than 160 years, the Company has delivered the material solutions their partners need to thrive. Through economic upheaval, global pandemics and changing end-user needs, we have consistently found ways to solve problems and exceed expectations. The distinct scale and comprehensive portfolio of products brings customers more materials and choices. Magnera builds personal partnerships that withstand an ever-changing world.

Visit Magnera.

EX-99.1

2 ef20072634_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

News Release

Magnera Reports Second Quarter

Second Quarter Highlights

•

GAAP: Net sales of $796 million, Operating income of $17 million

•

Non-GAAP: Adjusted EBITDA of $90 million

•

Free cash flow $73 million, representing a twelve-month adjusted free cash flow yield of over 40% as of quarter-end

Curt Begle, Magnera’s CEO, commented: “Magnera delivered a solid second quarter in line with our expectations as we remain steadfast during this time of significant global uncertainty to deliver on our full-year 2026 Adjusted EBITDA and free cash flow guidance.

We made $36 million in debt repayments during the quarter and generated $73 million of free cash flow demonstrating our disciplined focus on operational excellence, capex deployment, and working capital improvement initiatives.

Since the start-up of Magnera, we have demonstrated the resiliency of our business against an on-going challenging global macro environment.  Our strategic focus remains centered on the pillars of cost optimization, portfolio differentiation, and commercial excellence.  Our disciplined commitment to these priorities will continue to position Magnera to deliver growth in long-term shareholder value.”

Key Financials

March Quarter

March YTD

GAAP results

2026

2025

2026

2025

Net sales

$

796

$

824

$

1,588

$

1,526

Operating income

17

4

31

(18

)

March Quarter

Reported

Comparable(1)

March YTD

Reported

Comparable(1)

Adjusted non-GAAP results

2026

2025

%

%

2026

2025

%

%

Net sales

$

796

$

824

(3

%)

(9

%)

$

1,588

$

1,526

4

%

(8

%)

Adjusted EBITDA (1)

90

89

1

%

(1

%)

183

173

6

%

(1

%)

(1)

Adjusted non-GAAP results exclude items not considered to be ongoing operations.  In addition, comparable change % normalizes the impacts of foreign currency and the merger with Glatfelter.  Further details related to non-GAAP measures and reconciliations can be found under “Reconciliation of Non-GAAP Financial Measures and Estimates” section or in reconciliation tables in this release.  Dollars in millions

Consolidated Overview

The net sales decline included a $57 million decrease in selling prices primarily due to product mix and pass-through of lower raw material costs and a 2% organic volume decline partially offset by favorable foreign currency changes of $48 million.  The volume decline was primarily attributed to winter storm disruptions in North America and general market softness in Europe.

The adjusted EBITDA was up 1% as a result of favorable price cost spread of $2 million and a $2 million favorable benefit from foreign currency changes were partially offset by lower volumes.

Page | 1

Americas

The net sales decline included a $42 million decrease in selling prices primarily due to product mix, pass-through of lower raw material costs and a 1% organic volume decline.  The volume decline was primarily attributed to winter storm disruptions in North America.

The adjusted EBITDA decline was primarily a result of unfavorable price cost spread of $5 million.

Rest of World

The net sales increase included a favorable foreign currency change of $37 million partially offset by a $15 million decrease in selling prices primarily due to product mix, pass-through of lower raw material costs and a 4% organic volume decline.  The volume decline was primarily attributed to general market softness in Europe.

The adjusted EBITDA increase was primarily a result of favorable price cost spread of $7 million as the result of synergy realization and mix improvement and a $2 million favorable benefit from foreign currency changes partially offset by softer volumes.

Investor Conference Call

The Company will host a conference call, May 7, 2026, at 10:00 AM U.S. Eastern Time to discuss the March 2026 quarter results.  The webcast can be accessed here. A replay of the webcast will be available via the same link on the Company’s website after the completion of the call.

By Telephone

Participants may register for the call here now or any time up to and during the time of the call and will immediately receive the dial-in number and a unique pin to access the call.  While you may register at any time up to and during the time of the call, you are encouraged to join the call 15 minutes prior to the start of the event.

About Magnera

Magnera Corporation (NYSE: MAGN) serves 1,000+ customers worldwide, offering a wide range of material solutions, including components for absorbent hygiene products, protective apparel, wipes, specialty building and construction products, and products serving the food and beverage industry. Operating across 45 global facilities, Magnera is supported by approximately 8,000 employees. Magnera’s purpose is to better the world with new possibilities made real. For more than 160 years, the Company has delivered the material solutions their partners need to thrive. Through economic upheaval, global pandemics a

EX-99.1

2 ef20064605_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

News Release

Magnera Reports First Quarter Results

First Quarter Highlights

•

GAAP: Net sales of $792 million, Operating income of $14 million

•

Non-GAAP: Adjusted EBITDA of $93 million

•

Fiscal 2026 guidance: Reaffirmed adjusted EBITDA of $380 - $410 million and free cash flow of $90-$110 million

Curt Begle, Magnera’s CEO, commented: “Magnera delivered a strong first quarter that met our expectations and reinforces our full-year 2026 Adjusted EBITDA and free cash flow guidance. These results reflect the continued focus and execution of our teams across the organization.

Capital allocation remains disciplined and aligned with our commitment to debt reduction. During the quarter, we made $27 million in debt payments demonstrating our confidence in our cash flow generation.

Looking ahead, our global teams remain focused on driving long-term shareholder value through decisive actions centered on our strategic pillars of cost optimization, portfolio differentiation, and commercial excellence. We believe these priorities position Magnera well to deliver sustainable performance and continued value creation.”

Key Financials

December Quarter

GAAP results

2025

2024

Net sales

$

792

$

702

Operating income

14

(22

)

December Quarter

Reported

Comparable(1)

Adjusted non-GAAP results

2025

2024

%

%

Net sales

$

792

$

702

13

%

(7

%)

Adjusted EBITDA (1)

93

84

11

%

0

%

(1)

Adjusted non-GAAP results exclude items not considered to be ongoing operations.  In addition, comparable change % normalizes the impacts of foreign currency and the recent merger with Glatfelter.  Further details related to non-GAAP measures and reconciliations can be found under “Reconciliation of Non-GAAP Financial Measures and Estimates” section or in reconciliation tables in this release.  Dollars in millions

Consolidated Overview

The net sales increase of 13% included revenue from the merger of $112 million and favorable foreign currency changes of $36 million that were partially offset by a $52 million decrease in selling prices primarily due to the pass-through of lower raw material costs and a 1% organic volume decline which was attributed to strength in our consumer solutions product categories being more than offset by competitive pressures in South America and general market softness in Europe.

The adjusted EBITDA increase of 11% primarily due to the contribution from the merger of $8 million.

Americas

The net sales increase in the Americas segment included a 2% organic volume growth, revenue from the merger of $42 million and favorable foreign currency changes of $8 million that were partially offset by a $38 million decrease in selling prices primarily due to the pass-through of lower raw material costs and competitive pressures from imports in South America.

Page | 1

The adjusted EBITDA increase included a contribution from the merger of $5 million and improved organic growth in North America partially offset by unfavorable impacts from price cost spread of $4 million.

Rest of World

The net sales increase in the Rest of World segment included revenue from the merger of $70 million and a $28 million favorable impact from foreign currency changes partially offset by a 5% organic volume decline which was primarily attributed to general market softness in Europe and a $14 million decrease in selling prices primarily due to the pass-through of lower raw material costs.

The adjusted EBITDA increase included a contribution from the merger of $3 million and favorable impacts from price cost spread of $4 million as the result of synergy realization and mix improvement.

Fiscal Year 2026 Guidance – Reaffirmed

•

Adjusted EBITDA of $380 - $410 million

•

Free cash flow of $90 - $110 million; cash flow from operation of $170 - $190 million

Investor Conference Call

The Company will host a conference call, February 5, 2026, at 10:00 AM U.S. Eastern Time to discuss the December 2025 quarter results.  The webcast can be accessed here. A replay of the webcast will be available via the same link on the Company’s website after the completion of the call.

By Telephone

Participants may register for the call here now or any time up to and during the time of the call and will immediately receive the dial-in number and a unique pin to access the call.  While you may register at any time up to and during the time of the call, you are encouraged to join the call 15 minutes prior to the start of the event.

About Magnera

Magnera Corporation (NYSE: MAGN) serves 1,000+ customers worldwide, offering a wide range of material solutions, including components for absorbent hygiene products, protective apparel, wipes, specialty building and construction products, and products serving the food and beverage industry. Operating across 45 global facilities, Magnera is supported by approximately 8,500 employees. Magnera’s purpose is to better the world with

EX-99.1

2 ef20059647_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Magnera Reports Fourth Quarter and Fiscal Year Results

Fourth Quarter Highlights

•

GAAP: Net sales of $839 million, Operating income of $10 million

•

Non-GAAP: Adjusted EBITDA of $90 million

•

Record cash flow with cash from operations of $96 million

•

$50 million term loan repayment

Fiscal Year Highlights

•

GAAP: Net sales of $3.2 billion, Operating income of $5 million

•

Non-GAAP: Adjusted EBITDA of $362 million ($354 million reported and

pre-merger $8 million October)

•

Post-merger adjusted free cash flow $126 million represents a yield of over 30% as of year-end

•

Year-end leverage of 3.8x

Curt Begle, Magnera’s CEO, commented: “I am very proud of what our team has accomplished not only this quarter but over the entire year. More than a year ago, we launched Magnera with a bold vision and a deep belief in what we could build together as an industry leader positioned for growth. I’m inspired by our team’s relentless pursuit to perform and deliver results, exemplified by the stability of our cash flows.

We delivered our EBITDA in range of guidance, exceeded our free cash flow target, and took steps to reduce our leverage in the quarter. We accomplished this amidst a soft macroeconomic environment proving the mission critical importance of our products. As we look forward to 2026, we are targeting to improve reported earnings by ~9% by delivering on our cost improvement and capacity optimization actions while working closely with our customers to provide solutions valued by the consumer.”

Key Financials

September Quarter

Fiscal Year

GAAP results

2025

2024

2025

2024

Net sales

$ 839

$ 554

$ 3,204

$ 2,187

Operating income

10

(167)

5

(141)

September Quarter

Reported

Comparable(1)

Fiscal Year

Reported

Comparable(1)

Adjusted non-GAAP results

2025

2024

%

%

2025

2024

%

%

Net sales

$839

$554

51%

(6%)

$3,204

$2,187

47%

(4%)

Adjusted EBITDA (1)

90

66

36%

(1%)

354

282

26%

(4%)

(1)

Adjusted non-GAAP results exclude items not considered to be ongoing operations.  In addition, comparable change % normalizes the impacts of foreign currency and the recent merger with Glatfelter.  Further details related to non-GAAP measures and reconciliations can be found under “Reconciliation of Non-GAAP Financial Measures and Estimates” section or in reconciliation tables in this release.  Dollars in millions

Page | 1

Financial Results – Fourth Quarter 2025

Consolidated Overview

The net sales increase of 51% included revenue from the Glatfelter merger of $328 million and favorable foreign currency changes of $10 million that were partially offset by a $35 million decrease in selling prices primarily due to the pass-through of lower raw material costs and a 3% organic volume decline which was attributed to general market softness in Europe and competitive pressures from imports in South America.

The adjusted EBITDA increase of 36% included a contribution from the Glatfelter merger of $28 million partially offset by unfavorable impacts from a $3 million volume decline and $3 million from price/cost spread.

Americas

The net sales increase in the Americas segment included revenue from the Glatfelter merger of $122 million partially offset by decreased selling prices of $28 million due to the pass-through of lower raw material cost and product mix and a 3% organic volume decline, which was primarily attributed to competitive pressures from imports in South America.

The adjusted EBITDA increase included a contribution from the Glatfelter merger of $14 million partially offset by unfavorable impacts from price cost spread of $6 million and volume decline of $2 million.

Rest of World

The net sales increase in the Rest of World segment included revenue from the Glatfelter merger of $206 million and a $9 million favorable impact from foreign currency changes partially offset by a 4% organic volume decline which was primarily attributed to general market softness in Europe.

The adjusted EBITDA increase included a contribution from the Glatfelter merger of $14 million and favorable impacts from price cost spread of $3 million.

Free Cash Flow and Net Debt - Fiscal Year 2025

Magnera is committed to strengthening its credit metrics by paying down debt in the near term.

(in millions)

Fiscal Year

Cash flow from operating activities

$

103

Pre-merger cash flow from operating activities

90

Additions to property, plant and equipment, net

(67

)

Post-merger adjusted free cash flow (1)

$

126

Post-merger adjusted free cash flow yield (1)

> 30%

(1)  FCF yield as of 9/26 close of business market cap. Further details related to non-GAAP measures and reconciliations can be found under “Reconciliation of Non-GAAP Financial Measures and Estimates” section or in reconciliation tables in this release.

(in millions)

September 27, 2025

Term Loan

$

731

4.75% First Priority Senior Secured Notes

500

7.25% Fi

EX-99.1

2 ef20053286_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Magnera Reports Third Quarter Results – Provides Updated Outlook

Third Quarter Highlights

●

GAAP: Net sales of $839 million, Operating income of $13 million

●

Non-GAAP: Adjusted EBITDA of $91 million

●

Confirming post-merger adjusted free cash flow and Adjusted EBITDA range

Magnera (NYSE: MAGN), a global leader in specialty materials for the consumer products and personal care markets, today reported financial results for its fiscal 2025 third quarter ended June 28, 2025. Curt Begle, Magnera’s CEO, commented: “Reflecting on the third quarter, I am pleased with our progress and what we have achieved in these challenging market conditions.  We are confirming our original free cash flow guidance as well as the range of adjusted EBITDA communicated in our second quarter earnings call.

Looking ahead, we are energized by the value creation opportunities before us. By accelerating revenue through our sales and innovation pipelines, executing our Capacity Optimization and Resource Efficiency program (Project CORE), and delivering on our synergy commitments, we are confident in our ability to drive long-term sustainable growth.

I am incredibly proud of our team’s continued passion, resilience, and accountability. Their unwavering focus on exceeding customer expectations has been instrumental to our success this quarter and reflects the strength of our business.”

Key Financials

June Quarter

June YTD

GAAP results

2025

2024

2025

2024

Net sales

$

839

$

556

$

2,365

$

1,633

Operating income

13

17

(5

)

26

June Quarter

Reported

Comparable(1)

June YTD

Reported

Comparable(1)

Adjusted non-GAAP results

2025

2024

%

%

2025

2024

%

%

Net sales

$

839

$

556

51%

(5%)

$

2,365

$

1,633

45%

(4%)

Adjusted EBITDA (1)

91

74

23%

(9%)

264

216

22%

(4%)

(1)

Adjusted non-GAAP results exclude items not considered to be ongoing operations.  In addition, comparable change % normalizes the impacts of foreign currency and the recent merger with GLT.  Further details related to non-GAAP measures and reconciliations can be found under our “Reconciliation of Non-GAAP Financial Measures and Estimates” section or in reconciliation tables in this release. Dollars in millions

Consolidated Overview

The net sales increase of 51% included revenue from the Glatfelter merger of $320 million which was partially offset by a $7 million decrease in selling prices and a 5% organic volume decline which was attributed to general market softness in Europe and competitive pressures from imports in South America.

The adjusted EBITDA increase of 23% included a contribution from the Glatfelter merger of $23 million partially offset by a $4 million unfavorable impact from the volume decline and an unfavorable impact from price/cost spread of $3 million.

Americas

The net sales increase in the Americas segment included revenue from the Glatfelter merger of $124 million partially offset by decreased selling prices of $8 million, a $9 million unfavorable impact from foreign currency changes and a 6% organic volume decline which was primarily attributed to competitive pressures from imports in South America.

The adjusted EBITDA increase included a contribution from the Glatfelter merger of $10 million partially offset by unfavorable impact from price cost spread of $5 million and a $3 million unfavorable impact from the volume decline.

Page | 1

Rest of World

The net sales increase in the Rest of World segment included revenue from the Glatfelter merger of $196 million and a $7 million favorable impact from foreign currency changes partially offset by a 3% organic volume decline which was primarily attributed to general market softness in Europe.

The adjusted EBITDA increase included a contribution from the Glatfelter merger of $13 million.

Free Cash Flow and Net Debt

Magnera is committed to strengthening our credit metrics by paying down debt in the near term.

(in millions)

June Quarter

June YTD

Cash flow from operating activities

$

-

$

7

Pre-merger cash flow from operating activities

-

90

Additions to property, plant and equipment, net

(13

)

(52

)

Post-merger adjusted free cash flow (1)

$

(13

)

$

45

(1) Further details related to non-GAAP measures and reconciliations can be found under our “Reconciliation of Non-GAAP Financial Measures and Estimates” section or in reconciliation tables in this release.

(in millions)

June 28, 2025

Term Loan

$

781

4.75% First Priority Senior Secured Notes

500

7.25% First Priority Senior Secured Notes

800

Debt discount, deferred fees and other (net)

(82

)

Total debt

$

1,999

Cash and cash equivalents

276

Total net debt

$

1,723

Leverage

3.9

x

Investor Conference Call

The Company will host a conference call today, August 6, 2025, at 10:00 a.m. U.S. Eastern Time to discuss our June 2025 quarter results.  A replay of the webcast will be available via the same link o

magn-20250507

0000041719false00000417192025-02-062025-02-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): May 7, 2025

Magnera Corporation

(Exact name of registrant as specified in its charter)

Pennsylvania001-0356023-0628360

(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

9335 Harris Corners Pkwy, Ste 300,

Charlotte, North Carolina 28269

(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: 866 744-7380

(N/A)

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading

Symbol(s) Name of each exchange on which registered

Common StockMAGNNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.

On May 7, 2025, the Company reported its results of operations for the quarter ended March 29, 2025. A copy of the press release issued by the Company is furnished herewith as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

d)Exhibits.

99.1 Press release issued May 7, 2025.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

The information furnished in this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Magnera Corporation

May 7, 2025By: /s/ James M. Till

James M. Till

Chief Financial Officer

magn-20250206

0000041719false00000417192025-02-062025-02-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 6, 2025

Magnera Corporation

(Exact name of registrant as specified in its charter)

Pennsylvania001-0356023-0628360

(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

9335 Harris Corners Pkwy, Ste 300,

Charlotte, North Carolina 28269

(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: 866 744-7380

(N/A)

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading

Symbol(s) Name of each exchange on which registered

Common StockMAGNNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.

On February 6, 2025, the Company reported its results of operations for the three months ended December 28, 2024. A copy of the press release issued by the Company is furnished herewith as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

d)Exhibits.

99.1 Press release issued February 6, 2025.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

The information furnished in this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Magnera Corporation

February 6, 2025By: /s/ James M. Till

James M. Till

Chief Financial Officer

EX-99.1

2 q32024earningsreleaseex-991.htm

EX-99.1

Document

Exhibit 99.1

N  E  W  S    R  E  L  E  A  S  E

Corporate Headquarters

4350 Congress Street

Suite 600

Charlotte, NC 28209

U.S.A.

www.glatfelter.com

For Immediate Release Contacts:

Investors:Media:

Ramesh ShettigarEileen L. Beck

(717) 225-2746(717) 225-2793

ramesh.shettigar@glatfelter.comeileen.beck@glatfelter.com

GLATFELTER REPORTS THIRD QUARTER 2024 RESULTS

~ Transaction closing and transition to Magnera scheduled for November 4th ~

2024 Third Quarter Highlights:

•Generated net sales of ~$332 million and a GAAP net loss from continuing operations of $20.0 million

•Delivered Adjusted EBITDA of $24.6 million, compared to $25.5 million in Q3 2023

•Spunlace generated $4.8 million EBITDA despite hurricane downtime, a $2.5 million increase over Q3 '23

•Airlaid Materials achieved EBITDA of $18.0 million, a $0.7 million decrease from Q3 '23

•Composite Fibers delivered EBITDA of $10.1 million, a $1.1 million decrease from Q3 '23, due to new sanctions

CHARLOTTE, North Carolina – October 30, 2024: Glatfelter Corporation (NYSE: GLT), a leading global supplier of engineered materials, today announced its financial results for the third quarter ended September 30, 2024. This disclosure marks the Company’s final earnings release prior to completing its merger with the majority of Berry Global's Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business (“HHNF”) to create Magnera, a global leader in the specialty materials industry. As previously disclosed, the transaction has met all closing conditions, including the support of Glatfelter shareholders, and is expected to close on November 4, 2024.

Commenting on Glatfelter’s third quarter performance, Thomas Fahnemann, President and CEO of Glatfelter said, “Despite ongoing external pressures, Glatfelter’s solid third quarter results demonstrated continued resilience and progress in its core business segments. While we faced new headwinds in Composite Fibers during the third quarter from additional sanctions in wallcover, the underlying operational performance of the segment continued to improve. In Airlaid, we were able to leverage stronger order patterns in feminine hygiene and tabletop categories that supported the recovery of our European business from earlier in 2024, thereby driving sequential improvements in EBITDA of $2.9 million. In Spunlace, we delivered $4.8 million EBITDA despite impact from Hurricane Helene at our Asheville facility. Fortunately, all employees remained safe during this unprecedented natural disaster."

Mr. Fahnemann added, “As we close the legacy Glatfelter chapter and prepare for a new future under Magnera, I want to recognize the efforts of our employees. Together we have overcome significant challenges and succeeded in turning around this business. We are now well positioned for continued growth and innovation with a platform to leverage Glatfelter’s heritage and expertise to contribute to the success of Magnera. It’s been a pleasure and a privilege to serve as CEO during this critical time and I want to thank all Glatfelter stakeholders for their trust and support.”

Glatfelter Reports Third Quarter 2024 Results

page 2

Three months ended September 30,

Dollars in thousands20242023

Net sales$332,101 $329,921

Net loss from continuing operations(20,002)(19,680)

Adjusted loss from continuing operations (1) (11,805)(10,372)

EPS from continuing operations(0.44)(0.43)

Adjusted EPS (1) (0.26)(0.23)

Adjusted EBITDA (1) 24,585 25,467

(1) Adjusted EBITDA, adjusted loss from continuing operations and adjusted EPS are non-GAAP financial measures. See “Reconciliation of GAAP Financial information to Non-GAAP Financial information” later in this earnings release for further information.

Third Quarter Results

The following table sets forth a reconciliation of results on a GAAP basis to an adjusted earnings basis, a non-GAAP measure:

Three months ended September 30,

20242023

In thousands, except per shareAmountEPSAmountEPS

Net loss$(15,247)$(0.33)$(19,863)$(0.43)

Exclude: (Income) loss from discontinued operations, net of tax (1) (4,755)(0.11)183 —

Loss from continuing operations(20,002)(0.44)(19,680)(0.43)

Adjustments (pre-tax):

Strategic initiatives (2) 8,020 488

Turnaround strategy costs (3) — 372

Ober-Schmitten divestiture (4)

— 8,055

CEO transition costs (5) — (54)

Timberland sales and related costs— (688)

Total adjustments (pre-tax) 8,020 8,173

Income taxes (6) (77)928

Other tax adjustments (7) 254 207

Total after-tax adjustments8,197 0.18 9,308 0.21

Adjusted loss from continuing operations$(11,805)$(0.26)$(10,372)$(0.23)

(1)In Q3 2024, we recognized a $6.5 million gain, less applicable legal fees, related to the settlement of a legal dispute with a manufacturer for equipment supplied and installed at our former Specialty Papers business.

(2)For 2024, primarily reflects consulting and legal fees associated wi

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EX-99.1

Document

Exhibit 99.1

N  E  W  S    R  E  L  E  A  S  E

Corporate Headquarters

4350 Congress Street

Suite 600

Charlotte, NC 28209

U.S.A.

www.glatfelter.com

For Immediate Release Contacts:

Investors:Media:

Ramesh ShettigarEileen L. Beck

(717) 225-2746(717) 225-2793

ramesh.shettigar@glatfelter.comeileen.beck@glatfelter.com

GLATFELTER REPORTS SECOND QUARTER 2024 RESULTS

~ Received Required Antitrust Regulatory Clearances and IRS ruling for Announced Merger ~

~ Achieved Meaningful Year-over-Year EBITDA Improvement ~

2024 Second Quarter Highlights:

•Generated net sales of ~$329 million and a GAAP net loss from continuing operations of $15.8 million

•Delivered $25.6 million of Adjusted EBITDA, an $8.3 million increase over Q2 2023

•Achieved increased EBITDA over Q2 2023 in Composite Fibers and Spunlace by $4.9 million and $3.4 million, respectively, offset by lower EBITDA in Airlaid Materials by $2.3 million

CHARLOTTE, North Carolina – August 8, 2024: Glatfelter Corporation (NYSE: GLT), a leading global supplier of engineered materials, today reported financial results for the second quarter of 2024 and provided an update on progress of its proposed merger with the majority of Berry’s Global Health, Hygiene and Specialties segment to include its Global Nonwovens and Films (“HHNF”) business.

“During the second quarter we grew EBITDA by over $8 million compared to the prior-year quarter and delivered strong year-over-year gains for our Spunlace and Composite Fiber segments,” said Thomas Fahnemann, President & CEO of Glatfelter. “In Spunlace, we continued to build upon our recent quarterly earnings momentum, generating $5.6 million in EBITDA during the second quarter, an increase of $3.4 million compared to prior year Q2. We have now repositioned this segment for continued growth and I am confident our turnaround efforts have created sustainable earnings that will allow Spunlace to contribute to the new organization post-merger.”

“The European markets and consumer demand still pose a challenge to our business. Composite Fibers delivered ~$5 million of EBITDA growth over the prior year and this segment is poised to benefit from recent pricing actions aimed at offsetting continued inflation. In Airlaid Materials, although earnings were lower year-over-year, we remain focused on optimizing product mix and improving price-cost gap to effectively manage the segment's ongoing profitability.”

“Overall, our results are trending in the right direction relative to twelve months ago. Despite continued volatile market conditions, I remain confident in our ability to deliver on our earnings growth for the year. As we advance the work to complete our merger with Berry’s HHNF business, we remain focused on serving our customers and leveraging the benefits from the investments we made throughout our business over the past 18 months to create value for all Glatfelter stakeholders.”

Glatfelter Reports Second Quarter 2024 Results

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Update on Merger with Berry's HHNF Business

As previously announced on February 7, 2024, we entered into certain definitive agreements with Berry Global Group, Inc. (“Berry”) for Berry to spin-off and merge the HHNF business with Glatfelter in a Reverse Morris Trust transaction that will create Magnera, a leading, publicly-traded company in the specialty materials industry. In June, the Company reported the achievement of all required approvals and clearances under competition and foreign direct investment laws. Also, Berry received a favorable private letter ruling from the U.S. Internal Revenue Service regarding the qualification of the spin-off and the merger as tax-free transactions under the Internal Revenue Code. The transaction is subject to additional customary closing conditions, including approval by Glatfelter shareholders. The transaction is expected to close in the second half of 2024.

Favorable Settlement of Legal Dispute Related to Former Specialty Papers Business

In August 2024, we reached a settlement in principle of a legal dispute with a manufacturer for equipment supplied and installed at our former Specialty Papers business. Under the terms of the sale agreement of our Specialty Papers business in 2018, we retained the right to any recoveries from the resolution of this matter. Under the terms of this settlement, we will be paid $6.5 million in monthly installments of approximately $1.1 million beginning in September 2024. We expect to recognize a $6.5 million gain, less applicable legal fees, in the quarter ended September 30, 2024, which will be included in discontinued operations.

Three months ended June 30,

Dollars in thousands20242023

Net sales$329,443 $357,005

Net loss from continuing operations(15,795)(36,631)

Adjusted loss from continuing operations (1) (11,253)(20,450)

EPS from continuing operations(0.35)(0.82)

Adjusted EPS (1) (0.25)(0.45)

Adjusted EBITDA (1) 25,611 17,252

(1) Adju

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EX-99.1

Document

Exhibit 99.1

N  E  W  S    R  E  L  E  A  S  E

Corporate Headquarters

4350 Congress Street

Suite 600

Charlotte, NC 28209

U.S.A.

www.glatfelter.com

For Immediate Release Contacts:

Investors:Media:

Ramesh ShettigarEileen L. Beck

(717) 225-2746(717) 225-2793

ramesh.shettigar@glatfelter.comeileen.beck@glatfelter.com

GLATFELTER REPORTS FIRST QUARTER 2024 RESULTS

~ Achieved significant merger milestone with expiration of HSR waiting period ~

2024 First Quarter Highlights:

•Generated net sales of ~$327 million and a GAAP net loss from continuing operations of $26.2 million

•Achieved Q1 Adjusted EBITDA of $23.8 million with an improved EBITDA margin of 7.3%

•Delivered continued robust Spunlace performance with ~$5 million improved EBITDA

•Improved Composite Fibers EBITDA by ~$2 million, consistent with expectations

•Recorded ~$9 million lower EBITDA in Airlaid Materials primarily due to ongoing European market softness

CHARLOTTE, North Carolina – May 9, 2024: Glatfelter Corporation (NYSE: GLT), a leading global supplier of engineered materials, today reported financial results for the first quarter of 2024 and provided an update on progress of its proposed merger with the majority of Berry’s Global Health, Hygiene and Specialties segment to include its Global Nonwovens and Films (“HHNF”) business.

“We continued to execute against our strategy to optimize our portfolio and position the business for long-term profitable growth as we prepare to complete the proposed merger with Berry’s HHNF business to create a new, global specialty materials leader,” said Thomas Fahnemann, President and CEO of Glatfelter. "The team remains focused on delivering meaningful financial performance while ensuring our business segments are well positioned to become part of a larger enterprise that is expected to deliver substantial shareholder value."

Mr. Fahnemann added, “Our progress was most evident in Spunlace which delivered $6.1 million in EBITDA, recording gains in margin and volume following a strong fourth quarter. In Composite Fibers, we continued to improve EBITDA, reaching the highest level for this segment since the third quarter of 2021, along with EBITDA margins averaging 10% in the last 3 quarters. As we previously shared in 2023, we took pricing actions in our Airlaid Materials segment as we strove to protect margins and improve the price-cost dynamic. However, these actions combined with ongoing European market challenges, continued to put downward pressure on volumes, which led to weaker than anticipated financial performance for the segment."

Mr. Fahnemann concluded, “While overall results for the quarter were mixed, I am encouraged by how far we have come in the past twelve months to enhance the performance of our business, further offsetting many of the prevailing macroeconomic headwinds. The team continues to make excellent progress with preparing for the closing of the proposed merger with Berry's HHNF business, with the goal of value creation and long-term growth for our shareholders. The work that is underway will provide a strong foundation from which to build scale, capitalize on an expanded product portfolio and complementary technology, and ultimately lower Glatfelter’s current leverage. I look forward to providing additional updates on our progress as integration preparations continue and additional regulatory milestones are met."

Glatfelter Reports First Quarter 2024 Results

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Update on Merger with Berry's HHNF Business

As previously announced on February 7, 2024, we entered into certain definitive agreements with Berry Global Group, Inc. (“Berry”) for Berry to spin-off and merge the HHNF business with Glatfelter to create a global leader in specialty materials. Upon the completion of the transaction, Glatfelter shareholders are expected to own approximately ten percent of the newly combined company. In April, the Company achieved a regulatory milestone with the expiration of the required waiting period under the Hart-Scott-Rodino ("HSR") Antitrust Improvements Act. The transaction is subject to further certain customary closing conditions and regulatory approvals that are currently underway including, but not limited to, approval by Glatfelter shareholders. The merger transaction is expected to close in the second half of 2024.

Three months ended March 31,

Dollars in thousands20242023

Net sales$327,256 $378,208

Net loss from continuing operations(26,150)(13,182)

Adjusted loss from continuing operations (1) (14,939)(5,866)

EPS from continuing operations(0.58)(0.29)

Adjusted EPS (1) (0.33)(0.13)

Adjusted EBITDA (1) 23,820 24,785

(1) Adjusted EBITDA, adjusted loss from continuing operations and adjusted EPS are non-GAAP financial measures. See “Reconciliation of GAAP Financial information to Non-GAAP Financial information” later in this earnings release for further information.

Glatfelter Reports First Qu

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EX-99.1

Document

Exhibit 99.1

N  E  W  S    R  E  L  E  A  S  E

Corporate Headquarters

4350 Congress Street

Suite 600

Charlotte, NC 28209

U.S.A.

www.glatfelter.com

For Immediate Release Contacts:

Investors:Media:

Ramesh ShettigarEileen L. Beck

(717) 225-2746(717) 225-2793

ramesh.shettigar@glatfelter.comeileen.beck@glatfelter.com

GLATFELTER REPORTS FOURTH QUARTER AND YEAR END 2023 RESULTS

~ Q4 performance in-line with expectations despite reduced production to manage inventory levels ~

~ Announced plans for Merger with Berry Global's HHNF business anticipated in second half of 2024 ~

2023 Fourth Quarter and Year-end Highlights:

•Generated net sales of $320 million in Q4 and $1.4 billion in 2023; loss from continuing operations of $8.6 million in Q4 and $78.1 million in 2023

•Achieved Q4 Adjusted EBITDA of $25 million and full-year EBITDA of $93 million, in-line with Q3 performance and consistent with full year guidance

•Delivered robust Spunlace performance with $5.7 million Adjusted EBITDA in Q4 and $11.2 million for full year

•Managed effectively the impact of tornado damage at the Spunlace Tennessee converting operation with minimal disruption to customers; $5 million insurance expense excluded from adjusted earnings

•Generated EBITDA margins of approximately 8% in Q4 amidst ongoing market softness

•Outlook for 2024 EBITDA of $110 million to $120 million reflecting limited market visibility and ongoing macro-economic volatility, particularly in Europe

CHARLOTTE, North Carolina – February 22, 2024: Glatfelter Corporation (NYSE: GLT), a leading global supplier of engineered materials, today reported financial results for the fourth quarter, highlighting the first full year of operational and financial performance with benefits from the Company's Turnaround Strategy in the face of challenging market conditions.

“Our Q4 performance demonstrates that we are effectively addressing the continued challenges across our business," said Thomas Fahnemann, President and CEO of Glatfelter. “Our Spunlace segment had a particularly strong quarter, delivering improvements in volume and profitability compared to the prior quarter. The team has done an exceptional job strengthening the Spunlace business, generating approximately $9 million improvement in Adjusted EBITDA in twelve months. Also, the underlying fundamentals of our Composite Fibers business are substantially improving compared to the prior year and we are now successfully sustaining the gains we made in Q3 with EBITDA margins approaching 10% in the second half of the year."

“Market and competitive challenges persisted and were most pronounced in our Airlaid business. This segment’s performance in Q4 was negatively impacted by a planned extensive maintenance shutdown and continued pressure seen in feminine hygiene and European tabletop categories. We expect the volume pressure to persist in the first half of 2024 as we strive to achieve pricing levels that adequately cover inflation while balancing volume expectations. To counteract the anticipated volume softness, we are directing our innovation turnaround initiatives to broadening our product portfolio, improving mix and closely monitoring cost structure. We expect these actions to enhance our asset utilization in the second half of 2024."

Glatfelter Reports Fourth Quarter 2023 Results

page 2

“Overall, Glatfelter is in a stronger position today compared to a year ago due to the efforts of our entire global team who remain committed to delivering improved performance and additional turnaround benefits. Our performance in 2023 was highlighted by several meaningful accomplishments where we eliminated costs from the business, refinanced the Company’s debt, restructured the leadership team and optimized our portfolio. We also made significant progress closing the price-cost gap and implementing operational improvements that are enabling us to deliver margin improvements. While these actions are improving our financial performance, we expect the full realization of benefits from our Turnaround Strategy when the market substantially recovers. We remain encouraged by the work that lies ahead, knowing the strategy is working and therefore, we are cautiously optimistic about our full year guidance despite the challenging business environment."

On February 7, 2024, Berry Global and Glatfelter announced that they entered into definitive agreements for Berry to spin-off and merge the majority of its Health, Hygiene and Specialties Global Nonwovens and Films business (HHNF) with Glatfelter, to create a leading, publicly-traded company in the specialty materials industry. The boards of directors of Berry Global and Glatfelter unanimously approved the transaction. "The uniting of our organizations creates a premier nonwovens supplier and a global leader in specialty materials, with the talent, technologies, scale, and footprint to deliver commercial and

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Document

Exhibit 99.1

N  E  W  S    R  E  L  E  A  S  E

Corporate Headquarters

4350 Congress Street

Suite 600

Charlotte, NC 28209

U.S.A.

www.glatfelter.com

For Immediate Release Contacts:

Investors:Media:

Ramesh ShettigarEileen L. Beck

(717) 225-2746(717) 225-2793

ramesh.shettigar@glatfelter.comeileen.beck@glatfelter.com

GLATFELTER REPORTS THIRD QUARTER 2023 RESULTS

Improved Profitability Despite Continued Difficult Market Conditions

2023 Third Quarter Overview:

•Generated net sales of ~$330 million and a GAAP net loss from continuing operations of $19.7 million

•Delivered strong sequential recovery in Adjusted EBITDA of $25.5 million following one-time Q2 adverse events

•Improved earnings from Turnaround Strategy, delivering highest EBITDA margin of last eight quarters

•Divested Ober-Schmitten site, eliminating future losses

•Lowered full-year EBITDA guidance by $10 million due to ongoing industry-wide market weakness, lower volumes and continued customer destocking

CHARLOTTE, North Carolina – November 2, 2023: Glatfelter Corporation (NYSE: GLT), a leading global supplier of engineered materials, today reported financial results for the third quarter of 2023 and provided an update on the Company's Turnaround Strategy to improve operational and financial performance despite challenging market conditions.

“Our performance improved in the third quarter as we moved past last quarter's one-time operational issues, further reflecting the team’s continued commitment to driving efficiencies across the business as part of our Turnaround Strategy,” said Thomas Fahnemann, President and CEO of Glatfelter. “We generated sequential EBITDA gains in our Composite Fibers segment through improved operations and the divestiture of the Ober-Schmitten business. Performance in the Airlaid segment also increased as we delivered sequential volume growth, stronger production and benefits from cost-out actions. In Spunlace, earnings were stable sequentially as volume weakness was fully offset by operational improvements and prudent cost control. These outcomes meaningfully contributed to us generating Adjusted EBITDA of $25.5 million during the quarter, with our enterprise EBITDA margin reaching the highest level of the past eight quarters.”

Mr. Fahnemann continued, “While I am pleased with the progress of the Turnaround Strategy and the resulting earnings improvement, we cannot ignore the intense pressure from current market conditions that is weighing on the overall industry and our business, especially in Europe. As a result, we are lowering our guidance for 2023 Adjusted EBITDA by $10 million.”

“Despite the ongoing market headwinds, I am confident we are implementing the appropriate strategic actions focused on the overall cost to serve our customers without compromising the value and quality of our products. We remain focused on further improving our productivity, investing in critical initiatives, including innovation, and effectively positioning the Company to capture volume growth when the markets begin to improve,” concluded Mr. Fahnemann.

Glatfelter Reports Third Quarter 2023 Results

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Three months ended September 30,

Dollars in thousands20232022

Net sales$329,921 $371,780

Net loss from continuing operations(19,680)(49,254)

Adjusted loss from continuing operations (1) (10,372)(4,306)

EPS from continuing operations(0.43)(1.10)

Adjusted EPS (1) (0.23)(0.10)

Adjusted EBITDA (1) 25,467 26,329

(1) Adjusted EBITDA, adjusted loss from continuing operations and adjusted EPS are non-GAAP financial measures. See “Reconciliation of GAAP Financial information to Non-GAAP Financial information” later in this earnings release for further information.

Portfolio Optimization – Sale of Ober-Schmitten, German Facility and Costa Rica fiber supply operation

As part of the Turnaround Strategy's detailed portfolio review and as previously announced, the Company completed the sale of Ober-Schmitten operations within the Composite Fibers segment to IS Holdings (a Turkish family-owned and operated investment holding company) and recorded a loss on the sale of $17.8 million. An operating loss of $2 million in the quarter, and $8 million for the year, from the Ober-Schmitten operations is recorded in the Composite Fibers results.

In addition, on October 2, 2023, the Company completed the sale of its fiber supply operation in Costa Rica to Southeastern Fibers Corporation for a loss on sale of $0.5 million. This operation incurred losses during the year of $0.2 million, also included in the Composite Fibers results. As previously stated, we will continuously review our operations to identify non-core facilities and distribution for rationalization to better position our portfolio for growth.

Third Quarter Results

The following table sets forth a reconciliation of results on a GAAP basis to an adjusted earnings basis, a non-GAAP measure:

Three months

EX-99.1

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EX-99.1

Document

Exhibit 99.1

N  E  W  S    R  E  L  E  A  S  E

Corporate Headquarters

4350 Congress Street

Suite 600

Charlotte, NC 28209

U.S.A.

www.glatfelter.com

For Immediate Release Contacts:

Investors:Media:

Ramesh ShettigarEileen L. Beck

(717) 225-2746(717) 225-2793

ramesh.shettigar@glatfelter.comeileen.beck@glatfelter.com

GLATFELTER REPORTS SECOND QUARTER 2023 RESULTS

Business Fundamentals Remain Sound Despite Persistent Market and Economic Headwinds

2023 Second Quarter Overview:

•Net sales of $357 million and a GAAP net loss from continuing operations of $36.6 million

•Volume declined due to industry-wide market weakness and ongoing customer destocking, resulting in ~$7 million loss of earnings when combined with downtime to manage inventory levels

•Turnaround Strategy delivered ~$7 million of earnings from price increases and fixed cost reductions

•Overall Q2 2023 financial performance also negatively impacted by operational issues:

◦~$3 million from fires in Fort Smith, Arkansas (Airlaid), and Asheville, North Carolina (Spunlace)

◦~$3 million from foreign exchange effects, customer financing, and other items

◦~$4 million of operating losses at Ober-Schmitten, Germany - site closure previously announced in May

•Full year Adjusted EBITDA guidance range lowered to $100 million to $110 million, driven by 2023 expected Ober-Schmitten losses through wind-down period (1)

CHARLOTTE, North Carolina – August 3, 2023: Glatfelter Corporation (NYSE: GLT), a leading global supplier of engineered materials, today reported financial results for the second quarter of 2023 and provided an update on the Company's Turnaround Strategy to improve operational and financial performance and combat the impacts of market weakness and continued customer destocking.

“Our second quarter results fell below expectations as our business faced volume losses due to the ongoing industry-wide weakness in our markets, combined with several impactful operational events. Despite these challenges, we aggressively pursued our Turnaround Strategy by delivering $7 million of benefits, further emphasizing the importance of this work and its earnings potential. Had it not been for the continued macroeconomic and operational challenges impacting our bottom line, our second quarter results would have been in-line with the first quarter of 2023, which reinforces our stable business fundamentals,” said Thomas Fahnemann, President and CEO of Glatfelter.

Three months ended June 30,

Dollars in thousands20232022

Net sales$357,005 $363,963

Net loss from continuing operations(36,631)(2,460)

Adjusted loss from continuing operations (1) (20,450)(1,596)

EPS from continuing operations(0.82)(0.05)

Adjusted EPS (1) (0.45)(0.04)

Adjusted EBITDA (1) 17,252 27,219

(1) Adjusted EBITDA, adjusted loss from continuing operations and adjusted EPS are non-GAAP financial measures. See “Reconciliation of GAAP Financial information to Non-GAAP Financial information” later in this earnings release for further information.

Glatfelter Reports Second Quarter 2023 Results

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Mr. Fahnemann continued, “The operational impacts during the second quarter included fires in our Fort Smith and Asheville facilities, along with increased expense from foreign exchange effects, customer financing, and other items. More materially, as we progressed the closure of our Ober-Schmitten site, we incurred losses from further deterioration of the site’s operations due to increased employee absenteeism and turnover, coupled with customers seeking alternative suppliers following the announcement of the closure. As a result of Ober-Schmitten’s performance and market weakness, we are lowering our annual guidance for Adjusted EBITDA to be in the range of $100 million to $110 million for 2023.”

“While we experienced this second quarter set-back in our overall financial performance, we remain confident in our ability to deliver further benefits from the Turnaround Strategy by adapting actions to address the near-term market realities. The team remains focused on the plan’s six key initiatives including optimizing price-cost gap, reducing unproductive fixed costs, further improving Spunlace results, addressing the product portfolio, managing working capital, and increasing operational productivity. We still have significant work ahead of us, knowing that it will take time to truly achieve sustainable profitability,” concluded Mr. Fahnemann.

Portfolio Optimization – Closure of Ober-Schmitten, German Facility

As part of the detailed portfolio review and as previously announced, Glatfelter is in the process of finalizing plans to close its Ober-Schmitten, Germany, facility due to the ongoing financial underperformance of the electrical and glassine specialty papers manufactured at the site. The Ober-Schmitten facility recorded a ~$4 million operating loss during the second quarter, providing further validation that

EX-99.1

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EX-99.1

Document

Exhibit 99.1

N  E  W  S    R  E  L  E  A  S  E

Corporate Headquarters

4350 Congress Street

Suite 600

Charlotte, NC 28209

U.S.A.

www.glatfelter.com

For Immediate ReleaseContacts:

Investors:Media:

Ramesh ShettigarEileen L. Beck

(717) 225-2746(717) 225-2793

ramesh.shettigar@glatfelter.comeileen.beck@glatfelter.com

GLATFELTER REPORTS FIRST QUARTER 2023 RESULTS

~ Improved financial performance driven by progress on key turnaround actions ~

2023 First Quarter Highlights

•Achieved operating income of $6.1 million on a net loss of $13.6 million

•Improved Adjusted EBITDA by $1.8 million versus Q1 2022 driven by Airlaid Materials and Composite Fibers

•Cash flow from operations improved $35.6 million compared to Q1 2022

•Completed refinancing transactions to strengthen capital position and address debt maturities

•Streamlined leadership to improve operational efficiency and expand product management capabilities

•Moody's upgraded Glatfelter's corporate rating to B3, reflecting successful refinancing and improved liquidity

•Reaffirming annual guidance of $110 million – $120 million in Adjusted EBITDA for 2023

CHARLOTTE, North Carolina – May 4, 2023: Glatfelter Corporation (NYSE: GLT), a leading global supplier of engineered materials, today reported financial results for the first quarter of 2023 and provided an update on the Company's progress with its turnaround strategy to drive operational and financial improvements.

Three months ended March 31,

Dollars in thousands20232022

Net sales$378,208 $381,680

Net loss from continuing operations(13,182)(108,290)

Adjusted loss from continuing operations(5,866)(6,159)

EPS from continuing operations(0.29)(2.42)

Adjusted EPS(0.13)(0.14)

Adjusted EBITDA24,785 23,011

“The actions we completed this quarter, combined with the improvement in Adjusted EBITDA, are strong indications of the progress we are making to turn around our business and drive greater profitability," said Thomas Fahnemann, President and Chief Executive Officer of Glatfelter. “The fundamentals of our Composite Fibers and Airlaid Materials segments remain strong as demonstrated by the quarter-over-quarter growth in profitability for both segments despite a continued difficult economic environment. And, although volumes increased in Spunlace, we did not see a sequential increase in profitability compared to the fourth quarter due to a challenged product mix."

Glatfelter Reports First Quarter 2023 Results

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"We continue to aggressively drive improvements in our business and recently announced senior leadership changes that combine accountability for commercial and global supply chain into a single role to achieve greater alignment and improved efficiency across these important functions. Also, I have commissioned the formation of a product management function to gain greater category-level focus on strengthening product differentiation and innovation, maximizing customer value, and ultimately driving sustainable margin improvement. These changes are the next natural steps in executing our turnaround strategy, along with the ongoing work to address the overall performance of the Spunlace segment," said Mr. Fahnemann.

Refinancing Initiatives Complete

As previously disclosed, during the first quarter, the Company completed a series of refinancing transactions that strongly positions it to be well-capitalized and poised for growth with focus on its overall operations and long-term strategy. With this refinancing, the Company meaningfully extended its debt maturity profile, with no material debt coming due prior to the maturity of the revolving credit facility in September 2026. This financial flexibility gives the Company significant runway to execute its various initiatives before it needs to re-access the debt markets.

“We are in a much stronger position today as a result of the combined impact of improvements to our business operations, product portfolio, leadership team and balance sheet," said Mr. Fahnemann. “We have established the foundation needed to turn around and transform the Company, and I remain confident we will generate between $110 million - $120 million in Adjusted EBITDA for 2023 as we continue to strive toward earnings growth and ultimately realizing our full potential.”

First Quarter Results

The following table sets forth a reconciliation of results on a GAAP basis to an adjusted earnings basis, a non-GAAP measure:

Three months ended March 31,

20232022

In thousands, except per shareAmountEPSAmountEPS

Net loss$(13,584)$(0.30)$(108,327)$(2.42)

Exclude: Loss from discontinued operations, net of tax402 0.01 37 —

Loss from continuing operations(13,182)(0.29)(108,290)(2.42)

Adjustments (pre-tax):

Goodwill and other asset impairment charges(1) — 117,349

Turnaround strategy costs (2) 4,483 —

Russia/Ukraine conflict charges (3) — 3,948

Strategic initiatives (4) 730 1,835

Debt refinancing (5

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EX-99.1

Document

Exhibit 99.1

N  E  W  S    R  E  L  E  A  S  E

Corporate Headquarters

4350 Congress Street

Suite 600

Charlotte, NC 28209

U.S.A.

www.glatfelter.com

For Immediate ReleaseContacts:

Investors:Media:

Ramesh ShettigarEileen L. Beck

(717) 225-2746(717) 225-2793

ramesh.shettigar@glatfelter.comeileen.beck@glatfelter.com

Glatfelter Reports Fourth Quarter and Full Year Results Including

Progress Toward Executing Turnaround Strategy

2022 Fourth Quarter Highlights

•Net sales up 12% over Q4 2021, including a full quarter of Spunlace in Q4 2022

•Operating income for Airlaid Materials up 19% and Composite Fibers up 8%, compared to Q4 2021

•Spunlace delivered $3.4 million improvement in operating income over Q3 2022

•Goodwill impairment charge in Composite Fibers due to higher interest rate environment

•Lowered cash usage from working capital in Q4 largely driven by cash liberation actions

•Executed financing commitment to address upcoming €220 million term loan maturity

•2023 Adjusted EBITDA expected to be between $110 million to $120 million by leveraging turnaround strategy

CHARLOTTE, North Carolina – February 21, 2023: Glatfelter Corporation (NYSE: GLT), a leading global supplier of engineered materials, today reported financial results for the fourth quarter and full year of 2022, and provided an update on the Company's turnaround strategy to drive operational and financial improvements despite continued inflationary and energy price headwinds.

Three months ended December 31,

Dollars in thousands20222021

Net sales$373,903 $334,459

Net loss from continuing operations(34,113)(11,223)

Adjusted earnings (loss) from continuing operations(6,974)1,626

EPS from continuing operations(0.76)(0.25)

Adjusted EPS(0.16)0.04

Adjusted EBITDA22,294 25,706

2021 results include the acquisition of Jacob Holm ("Spunlace") as of October 29, 2021.

"The team is making good progress with delivering against our turnaround strategy, and we are seeing early signs of this in our fourth quarter financial results as we realized approximately $4 million in benefits from these initiatives. Excluding a one-time charge taken during the quarter, we would have been closer to the upper end of our EBITDA expectations. In addition, our cash liberation actions reduced our working capital,” said Thomas Fahnemann, President and Chief Executive

Glatfelter Reports Fourth Quarter 2022 Results

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Officer of Glatfelter. “As demonstrated by the improved performance of the Spunlace segment this quarter, we are making targeted operational improvements to execute more effectively in order to continue delivering the quality products our customers expect from Glatfelter, while also progressing our pricing initiatives in the Sontara product category.”

“Our focus on profitability and prudent inventory management, along with seasonal shifts in order patterns and pockets of slower demand, had an anticipated temporary impact on volumes in Airlaid Materials and Composite Fibers. All aspects of our business continued to be impacted by macroeconomic challenges related to energy and raw material inflation. However, more aggressive pricing actions to recover this inflation resulted in meaningful progress in closing the price-cost gap. Airlaid Materials achieved greater year-over-year profitability in operating income and EBITDA and Composite Fibers improved the price-cost gap but delivered slightly lower EBITDA due to the cost penalty of machine downtime to manage inventory levels. I like the progress we made in the fourth quarter and I am confident we will build on these gains in the year ahead. As we continue to advance our turnaround strategy, we remain committed to driving margin improvement and EBITDA growth by optimizing our portfolio, increasing our margins, lowering fixed costs, and improving our operations; all while managing the continued macro-economic volatility,” said Mr. Fahnemann.

One-time charges impacted Q4 results

Financial results for the fourth quarter included a one-time $3.1 million charge for a customer claim and associated costs related to a supplier's raw material defect that was identified by Glatfelter and reported to the customer thereby avoiding the impacted product from reaching the end consumer. Glatfelter proactively took the necessary steps to settle the matter directly with its customer to ensure there was no impact to ongoing business. The Company has initiated discussions with the supplier and its insurance provider to recover Glatfelter's losses related to the issue.

During the fourth quarter of 2022, the Company recorded a non-cash goodwill and asset impairment charge of $30.7 million. This charge includes a $20.3 million goodwill impairment for the Composite Fibers segment, primarily driven by higher valuation discount rates despite our expectation of improvements in future financial results compared to our forecast included in our val

EX-99.1

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EX-99.1

Document

Exhibit 99.1

N  E  W  S    R  E  L  E  A  S  E

Corporate Headquarters

4350 Congress Street

Suite 600

Charlotte, NC 28209

U.S.A.

www.glatfelter.com

For Immediate ReleaseContacts:

Investors:Media:

Ramesh ShettigarEileen L. Beck

(717) 225-2746(717) 225-2793

ramesh.shettigar@glatfelter.comeileen.beck@glatfelter.com

Glatfelter Reports Third Quarter Results Including Turnaround Strategy To Drive Improved Profitability Under New CEO

2022 Third Quarter Highlights

•Improved revenue by 33% attributable to Jacob Holm acquisition (“Spunlace”)

•Record operating income in Airlaid Materials

•Improved pricing and cost mitigation actions in Composite Fibers

•Goodwill impairment charge of $42.5 million for Spunlace

•Company-wide turnaround strategy launched to drive rapid profit improvement

CHARLOTTE, North Carolina – November 3, 2022: Glatfelter Corporation (NYSE: GLT), a leading global supplier of engineered materials, today reported third quarter financial results and details of the Company's turnaround strategy to drive rapid operational and financial improvements despite continued inflationary and energy price headwinds.

Three months ended September 30,

Dollars in thousands20222021

Net sales$371,780 $279,651

Net Income (loss) from continuing operations(49,254)8,059

Adjusted earnings (loss) from continuing operations(4,306)9,482

EPS from continuing operations(1.10)0.18

Adjusted EPS(0.10)0.21

Adjusted EBITDA26,329 32,131

2021 results include the acquisitions of Georgia-Pacific's U.S. Nonwovens business ("Mount Holly") and Jacob Holm ("Spunlace") as of May 13, 2021, and October 29, 2021, respectively.

"Our portfolio of core products is fundamentally strong and I am confident we can mitigate the impact of inflation and energy headwinds and return to profitability,” said Thomas Fahnemann, President and Chief Executive Officer of Glatfelter. “We are executing a turnaround strategy focused on driving rapid improvement in the Company’s overall profitability. Our efforts are focused on six key areas: (1) portfolio optimization, (2) margin improvement, (3) fixed cost reductions, (4) cash liberation, (5) operational effectiveness and (6) returning Spunlace to profitability.”

Glatfelter Reports Third Quarter 2022 Results

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“We are seeing early signs of progress with our strategy in Airlaid Materials given the segment’s record EBITDA achieved in the third quarter. Also, our actions in Composite Fibers are laying the necessary foundation toward repositioning the segment on a similar trajectory as Airlaid Materials," said Mr. Fahnemann.

Mr. Fahnemann added, “Spunlace performance in the third quarter continued to disappoint, and while this segment remains strategic to the portfolio, the pace of operational and commercial change needs to accelerate. We are addressing this with urgency and have engaged expert external resources to supplement our team. Despite the downward pressure from Spunlace, the Company’s overall portfolio remains resilient, although performance is below the true potential this enterprise is capable of achieving. We are committed to delivering progress against our plan in the near-term and lay the foundation for shareholder value creation over the long-term.”

The Company will provide shareholders with further details related to the Company’s turnaround initiatives under its new CEO during the earnings conference call.

Third Quarter Results

The following table sets forth a reconciliation of results on a GAAP basis to an adjusted earnings basis, a non-GAAP measure:

Three months ended September 30,

20222021

In thousands, except per shareAmountEPSAmountEPS

Net income (loss)$(49,496)$(1.11)$7,527 $0.17

Exclude: Loss from discontinued operations, net of tax242 0.01 532 0.01

Income (loss) from continuing operations(49,254)(1.10)8,059 0.18

Adjustments (pre-tax):

Goodwill impairment charge42,541 —

Strategic initiatives (1) 2,199 2,773

CEO transition costs (2) 1,489 —

Corporate headquarters relocation120 68

Cost optimization actions— 687

Timberland sales and related costs— (2,235)

Total adjustments (pre-tax) 46,349 1,293

Income taxes (3) (1,527)18

CARES Act of 2020 tax provision (4) 126 112

Total after-tax adjustments44,948 1.00 1,423 0.03

Adjusted earnings (loss) from continuing operations$(4,306)$(0.10)$9,482 $0.21

(1)For 2022, primarily reflects professional services fees (including legal, audit, valuation specialists and consulting) of $1.6 million, employee separation and other costs of $0.6 million and other costs, all of which are directly related to acquisitions. For 2021, reflects professional services fees related to acquisitions (including transaction advisory, legal, audit and valuation specialists) of $2.7 million and other costs all of which are directly related to acquisitions.

(2)Reflects cash severance and transition related costs of $4.6 million partially offset by a $3.1 million non-c

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EX-99.1

Document

Exhibit 99.1

N  E  W  S    R  E  L  E  A  S  E

Corporate Headquarters

4350 Congress Street

Suite 600

Charlotte, NC 28209

U.S.A.

www.glatfelter.com

For Immediate ReleaseContacts:

Investors:Media:

Ramesh ShettigarEileen L. Beck

(717) 225-2746(717) 225-2793

ramesh.shettigar@glatfelter.comeileen.beck@glatfelter.com

GLATFELTER REPORTS SECOND QUARTER 2022 RESULTS

CHARLOTTE, North Carolina – August 2, 2022: Glatfelter Corporation (NYSE: GLT), a leading global supplier of engineered materials, today reported a loss from continuing operations for the second quarter of 2022 of $2.5 million, or $0.05 per share, compared with net income of $1.5 million, or $0.03 per share, in the same period a year ago. On an adjusted basis, earnings from continuing operations for the second quarter of 2022 and 2021 were a loss of $1.6 million, or $0.04 per share, compared with adjusted earnings of $8.0 million, or $0.18 per share, respectively. Adjusted earnings is a non-GAAP financial measure for which a reconciliation to the nearest GAAP-based measure is provided within this release. The 2021 results include the acquisitions of Georgia-Pacific’s U.S. nonwovens business (“Mount Holly”) and Jacob Holm ("Spunlace") as of May 13, 2021 and October 29, 2021, respectively.

Consolidated net sales for the three months ended June 30, 2022 and 2021, totaled $364.0 million and $244.9 million, respectively. On a constant currency basis, net sales for Composite Fibers decreased 4.4% and increased 47.7% for Airlaid Materials (including Mount Holly). The Spunlace segment, formed in connection with the Jacob Holm acquisition, had net sales of approximately $96.9 million for the second quarter.

“In the second quarter, we outperformed operating profit expectations at the enterprise level driven by Composite Fibers and Airlaid Materials, however, we were disappointed with our Spunlace segment results," said Dante C. Parrini, Chairman and Chief Executive Officer. “By intensifying efforts to mitigate inflationary pressures, we were successfully able to increase prices, drive operational efficiencies and tightly manage spending in the Composite Fibers and Airlaid Materials segments. Since announcing our dynamic pricing model initiative for the Composite Fibers segment in early 2022, we successfully converted 50% of its revenue base to a cost pass-through mechanism ahead of plan, which is materially helping to offset the impact of higher raw material, energy and logistics costs. Airlaid Materials delivered solid performance with profitability stronger than expected due to pricing actions including energy surcharges, favorable product mix and the successful execution of a capital project at our Falkenhagen facility.”

Mr. Parrini continued, “Our Spunlace segment faced substantially higher than expected inflationary challenges during the quarter and our price increases were insufficient to offset the impact. Supply chain disruptions also affected raw material availability, which curtailed production and product shipments. As a result, the segment was unable to sufficiently narrow the price/cost gap for its products primarily due to the impact of rising energy prices in Europe and the impact of higher oil prices on certain raw materials. We recently took aggressive cost actions to further right-size the legacy Jacob Holm leadership team and more deeply integrate the segment into our existing operating model, while concurrently implementing additional pricing actions to counteract inflation. Despite the near-term challenges in this segment, we remain committed to its success and the strategic purpose it contributes to the Glatfelter portfolio.”

Mr. Parrini concluded, “In response to the challenging business environment that we anticipate will continue at least for the remainder of 2022, we remain keenly focused on improving Spunlace performance and executing an intensive enterprise-

Glatfelter Reports Second Quarter 2022 Results

page 2

wide initiative aimed at rapidly improving Glatfelter's overall profitability and execution capacity. Additionally, we are closely monitoring the Russia/Ukraine conflict, the complexities and risks with the energy situation in Europe and the ongoing inflation trends to determine the necessary actions needed to bolster our performance while continuing to serve our customers. Finally, as we navigate this ongoing period of unprecedented market and geopolitical turbulence, we remain confident that the Company's reshaped portfolio of engineered materials, used to produce essential consumer staples, will successfully deliver strong growth and more stable profitability over the long-term."

Second Quarter Results

The following table sets forth a reconciliation of results on a GAAP basis to an adjusted earnings basis, a non-GAAP measure:

Three months ended June 30,

20222021

In thousands, except per shareAmountEPSAmountEPS

Net income (loss)$(2,052)$(0.04)$1

EX-99.1

2 q1earningsreleaseex-991.htm

EX-99.1

Document

Exhibit 99.1

N  E  W  S    R  E  L  E  A  S  E

Corporate Headquarters

4350 Congress Street

Suite 600

Charlotte, NC 28209

U.S.A.

www.glatfelter.com

For Immediate ReleaseContacts:

Investors:Media:

Ramesh ShettigarEileen L. Beck

(717) 225-2746(717) 225-2793

ramesh.shettigar@glatfelter.comeileen.beck@glatfelter.com

GLATFELTER REPORTS FIRST QUARTER 2022 RESULTS

~ Russia/Ukraine conflict, EU sanctions and continued energy price inflation in Europe significantly impacting Composite Fibers, resulting in non-cash asset and goodwill impairment charges ~

CHARLOTTE, North Carolina – May 3, 2022: Glatfelter Corporation (NYSE: GLT), a leading global supplier of engineered materials, today reported a loss from continuing operations for the first quarter of 2022 of $108.3 million, or $2.42 per share, compared with net income of $8.4 million, or $0.19 per share, in the same period a year ago. On an adjusted basis, earnings from continuing operations for the first quarter of 2022 and 2021 were a loss of $6.2 million, or $0.14 per share, compared with adjusted earnings of $8.5 million, or $0.19 per share, respectively. Adjusted earnings is a non-GAAP financial measure for which a reconciliation to the nearest GAAP-based measure is provided within this release. The 2021 results include the acquisitions of Georgia-Pacific’s U.S. nonwovens business (“Mount Holly”) and Jacob Holm ("Spunlace") as of May 13, 2021 and October 29, 2021, respectively.

Consolidated net sales for the three months ended March 31, 2022 and 2021, totaled $381.7 million and $225.7 million, respectively. On a constant currency basis, net sales for the Composite Fibers and Airlaid Materials (including Mount Holly) segments increased by 0.4% and 83.2%, respectively. The Spunlace segment, formed in connection with the Jacob Holm acquisition, had net sales of approximately $96.4 million.

The Russia/Ukraine military conflict and associated implications are expected to have a significant impact on the Dresden wallcover operations and the Composite Fibers segment. In addition, on April 8, 2022, wallcover base paper and tea filter products were placed on the European Union sanctions list, prohibiting export of these products into Russia for the foreseeable future. As a result, Glatfelter recorded a non-cash asset impairment charge of $61.3 million related to its Dresden operations. Additionally, the Company recognized a goodwill impairment charge of $56.1 million for the Composite Fibers segment related to the long-term fair value implication of the Russia/Ukraine conflict and the unprecedented energy prices in Europe. A $3.9 million partial write-down of Russia and Ukraine accounts receivable and inventory was also taken in the quarter.

“During the first quarter, we continued to combat escalating raw material and energy price inflation across our entire business but most significantly in our Composite Fibers segment, while actively implementing additional price increases,” said Dante C. Parrini, Chairman and Chief Executive Officer. “By the end of the quarter, we converted 35% of our Composite Fibers revenue base to a dynamic cost pass-through pricing model and implemented price increases for many other customers. In addition, we are actively addressing the impacts of the ongoing Russia/Ukraine conflict, including actions recently taken by the EU to place wallcover and tea filter products on the list of sanctioned materials, by fully complying with export regulations and financial transactions within the banking system.”

Mr. Parrini continued, “In our recently acquired Spunlace business, our improvement initiatives are showing signs of progress. Volumes for the quarter were ahead of expectations and the team continues to implement measures to drive further efficiencies and aggressively manage costs. While input costs and energy prices remain a challenge, we are

Glatfelter Reports First Quarter 2022 Results

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generating higher order volumes and expect our intensified integration efforts to return this segment to profitability in the second quarter.”

Mr. Parrini added, “Shipments in Airlaid Materials were well ahead of last year with robust demand across nearly every product category. Mount Holly added $27 million in revenue and legacy Glatfelter volumes grew by 22%. While our contractual cost pass-through agreements and customer price increases provided relief from raw material inflation, operating profit was constrained by higher energy prices in Europe. Overall, this segment continues to perform very well as a leader in the industry.”

Mr. Parrini concluded, “We expect headwinds from energy inflation in Europe, supply chain disruptions, and the crisis in Russia/Ukraine to persist in the near to mid-term. However, we are confident the commercial actions we are taking in Composite Fibers to achieve our 2022 target of 50% revenue conversion to a cost pass-through model will result in

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EX-99.1 PRESS RELEASE ISSUED FEBRUARY 10, 2022

Document

Exhibit 99.1

N  E  W  S    R  E  L  E  A  S  E

Corporate Headquarters

4350 Congress Street

Suite 600

Charlotte, NC 28209

U.S.A.

www.glatfelter.com

For Immediate ReleaseContacts:

Investors:Media:

Ramesh ShettigarEileen L. Beck

(717) 225-2746(717) 225-2793

ramesh.shettigar@glatfelter.comeileen.beck@glatfelter.com

GLATFELTER REPORTS FOURTH QUARTER AND FULL YEAR 2021 RESULTS

~ Unprecedented energy prices in Europe and global input cost inflation significantly impacted Q4 results ~

CHARLOTTE, North Carolina – February 10, 2022: Glatfelter Corporation (NYSE: GLT), a leading global supplier of engineered materials, today reported a loss from continuing operations for the fourth quarter of 2021 of $11.2 million, or $0.25 per share, compared with net income of $9.1 million, or $0.20 per share, in the same period a year ago. The 2021 results prospectively include the acquisitions of Georgia-Pacific’s U.S. nonwovens business (“Mount Holly”) and Jacob Holm ("Spunlace") as of May 13, 2021 and October 29, 2021, respectively.

Adjusted earnings from continuing operations for the fourth quarters of 2021 and 2020, were $1.6 million, or $0.04 per share, compared with adjusted earnings of $9.6 million, or $0.22 per share, respectively. Adjusted earnings is a non-GAAP financial measure for which a reconciliation to the nearest GAAP-based measure is provided within this release. Consolidated net sales for the three months ended December 31, 2021, totaled $334.5 million, compared with $235.3 million for the same period in 2020. On a constant currency basis, net sales for Composite Fibers and Airlaid Materials (including Mount Holly) increased by 1.3% and 47.5%, respectively. The Spunlace segment, formed in connection with the Jacob Holm transaction, had net sales of approximately $58 million prospectively from the October 29, 2021, acquisition date.

“As we entered the fourth quarter, we expected our price increases announced during the year would sufficiently offset ongoing input cost inflation. However, these extraordinary headwinds intensified in the fourth quarter. Most notable were energy prices in Europe which dramatically increased since our previous guidance. When combined with rising raw material and logistics costs, these events significantly depressed margins in several product categories of the Composite Fibers and Spunlace segments and negatively impacted the overall profitability of Glatfelter,” said Dante C. Parrini, Chairman and Chief Executive Officer.

Mr. Parrini continued, “In Airlaid Materials, our contractual cost pass-through arrangements were effective in combating rising raw material costs during the quarter, but not sufficient to offset energy inflation. Volumes in Composite Fibers were below expectations primarily due to price-sensitive wallcover customers who altered their buying patterns as we implemented additional pricing actions. And, the Spunlace segment shipped lower than anticipated wipes volumes due to raw material availability and customer-driven inventory management.”

Mr. Parrini added, “Our commercial team is actively engaging with long-standing strategic customers to effectively implement much-needed pricing actions while managing volume implications. In November, we introduced an energy surcharge across all three segments to specifically target the cost penalty we are facing from sharply escalating prices in natural gas and electricity.”

Glatfelter Reports Fourth Quarter and Full Year 2021 Results

page 2

Mr. Parrini concluded, “The successful integrations of Mount Holly and Spunlace and realization of their synergies remain key imperatives for Glatfelter. We are confident these new acquisitions will deliver long-term value to our customers and shareholders through portfolio diversification, technology expansion, accelerated innovation and enhanced scale. Despite the prevailing global challenges with inflation, supply chain constraints and pandemic-driven disruptions, we believe these acquisitions position Glatfelter favorably and bolster our leading position in the broader nonwovens sector. While we are in the initial phase of the integrations, we continue to build on Glatfelter’s proven track record of operational excellence, cost optimization and strong cash flow generation.”

Fourth Quarter Results

The following table sets forth a reconciliation of results on a GAAP basis to an adjusted earnings basis, a non-GAAP measure:

Three months ended December 31,

20212020

In thousands, except per shareAmountEPSAmountEPS

Net income (loss)$(10,393)$(0.23)$9,781 $0.21

Exclude: Income from discontinued operations, net of tax(830)(0.02)(650)(0.01)

Income (loss) from continuing operations(11,223)(0.25)9,131 0.20

Adjustments (pre-tax):

Strategic initiatives19,721 724

Corporate headquarters relocation156 443

Cost optimization actions198 1,612

Pension settlement expenses, net— (6

EX-99.1

2 q3earningsreleaseex-991.htm

EX-99.1

Document

Exhibit 99.1

N  E  W  S    R  E  L  E  A  S  E

Corporate Headquarters

4350 Congress Street

Suite 600

Charlotte, NC 28209

U.S.A.

www.glatfelter.com

For Immediate ReleaseContacts:

Investors:Media:

Ramesh ShettigarEileen L. Beck

(717) 225-2746(717) 225-2793

ramesh.shettigar@glatfelter.comeileen.beck@glatfelter.com

GLATFELTER REPORTS THIRD QUARTER 2021 RESULTS

~ Completed Jacob Holm acquisition adding significant scale and diversifying engineered materials portfolio ~

~ Record quarterly operating profit in Airlaid Materials segment reflects Mount Holly acquisition ~

~ Composite Fibers' performance impacted by continued inflationary headwinds ~

CHARLOTTE, North Carolina – November 2, 2021: Glatfelter Corporation (NYSE: GLT), a leading global supplier of engineered materials, today reported income from continuing operations for the third quarter of 2021 of $8.1 million, or $0.18 per diluted share, compared with $6.5 million, or $0.15 per share, in the same period a year ago. The 2021 results include the acquisition of Georgia-Pacific’s U.S. nonwovens business (“Mount Holly”) prospectively from the May 13, 2021 acquisition date. Adjusted earnings from continuing operations for the third quarters of 2021 and 2020, were $9.5 million, or $0.21 per share, compared with $7.0 million, or $0.16 per share, respectively. Adjusted earnings is a non-GAAP financial measure for which a reconciliation to the nearest GAAP-based measure is provided within this release. Consolidated net sales for the three months ended September 30, 2021 totaled $279.7 million, compared with $233.5 million for the same period in 2020. On a constant currency basis, net sales for Composite Fibers and Airlaid Materials (including Mount Holly) increased by 3.4% and 39.5%, respectively.

“Airlaid Materials delivered strong performance during the quarter due to improving demand for wipes and tabletop products, which exceeded expectations. Our contractual cost pass-through arrangements with customers offset most of the inflationary pressures while higher shipments, coupled with improved product mix, supported growth in operating profit and favorable margins,” said Dante C. Parrini, Chairman and Chief Executive Officer. “As inflationary headwinds dominated the global economic backdrop, our Composite Fibers segment continued to increase prices. While we successfully achieved price improvements of nearly $6 million to offset rising input costs, the third quarter brought about incremental inflation and significant increases in energy prices which negatively impacted profitability.”

Mr. Parrini added, “Heading into the third quarter, we were experiencing improved demand trends across most product categories and expected that the price increases we implemented in the Composite Fibers segment earlier in the year would be sufficient to offset the higher input costs. However, energy, raw materials, and freight prices continued to significantly escalate throughout the quarter, well beyond our expectations. In response, our commercial team took additional pricing actions in mid-September announcing an incremental 12% price increase across the Composite Fibers product portfolio. Additionally, for our Airlaid Materials' customers with no cost pass-through arrangements, we initiated a 10% price increase effective October 1. We intend to continue leveraging our global scale and integrated supply chain to manage costs and enhance manufacturing efficiencies while taking the necessary pricing actions during this dynamic and unprecedented macro-economic environment.”

Mr. Parrini concluded, “We recently executed a successful $500 million bond offering to finance the closing of the largest acquisition in Glatfelter’s history – Jacob Holm, a leading global manufacturer of premium quality spunlace nonwovens.

Glatfelter Reports Third Quarter 2021 Results

page 2

This transaction marks another significant step forward in our transformation to further diversify our nonwovens portfolio and technology offerings, enhance overall innovation capabilities with a focus on sustainability and add meaningful scale to the Company. Our key near-term priorities for this acquisition are focused on successfully integrating Jacob Holm into the Glatfelter enterprise, achieving the announced $20 million synergies and actively de-levering the balance sheet.”

Third Quarter Results

The following table sets forth a reconciliation of results on a GAAP basis to an adjusted earnings basis, a non-GAAP measure:

Three months ended September 30,

20212020

In thousands, except per shareAmountEPSAmountEPS

Net income $7,527 $0.17 $6,527 $0.15

Exclude: Loss from discontinued operations, net of tax532 0.01 — —

Income from continuing operations8,059 0.18 6,527 0.15

Adjustments (pre-tax):

Strategic initiatives2,773 843

Corporate headquarters relocation68 610

Restructuring charge - Metallized operations— 57

Cost optimization ac