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magnera.com 2025 Annual Report
Dear Shareholders, Just over a year ago we launched Magnera with a bold vision and a strong belief in what we could achieve together. In our first full year, we successfully integrated two legacy organizations into one cohesive company, advanced our purpose of bettering the world through possibilities made real, strengthened our foundation, and delivered strong results, underscoring the mission-critical importance of our work. Throughout this journey, we remained steadfast in our commitment to safety, because at Magnera, Safety is Personal. Every process, every innovation, and every decision reflects our responsibility to protect our people, our customers, and our communities. For the fiscal year 2025, revenues reached $3.2 billion, with Adjusted EBITDA of $362 million1. We generated $126 million in free cash flow post-merger1, representing a yield of more than 30% at year-end. These results reflect the dedication of our team, which collaborated effectively, integrated our organization, developed optimization plans, and took decisive actions positioning us for continued success. We are executing on our strategy and establishing Magnera as a leader in advanced specialty materials. Our global scale, innovation capabilities, and strategic geographic presence have enabled us to consistently succeed with top-tier customers, gaining share in markets and product segments of our choosing. Looking ahead to 2026, we anticipate approximately 9% earnings improvement, driven by synergy realization, Project CORE initiatives, and further advances in product mix and innovation. As we finalize the stabilization phase of our Path to Success throughout 2026, we will pivot more of our energy toward the optimization stage of our transformation and continue to cultivate an innovative culture aligned with our commitments to all stakeholders. Our commercial teams are fully integrated, ensuring consistent, high-quality service. We have standardized operational metrics and processes and are advancing efficiency initiatives across the organization. We remain action-oriented, guided by our Purpose, Promise, and Beliefs. On behalf of our Board and leadership team, thank you for your continued trust and support. We remain committed to building on this momentum and delivering another strong year in 2026. Curt Begle Chief Executive Officer Magnera (1) Adjusted EBITDA and free cash flow are non-GAAP financial measures. For a reconciliation of these measures to the nearest GAAP measure, see Annex A to the proxy statement for our 2026 Annual Meeting of Shareholders, which is being circulated with this 2025 Annual Report. This letter includes forwardlooking statements within the meaning of the federal securities laws and are presented pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon the current beliefs and expectations of the management and are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those that we expected. These risks, uncertainties, and other unpredictable or uncontrollable factors include, but are not limited to, those described in Part I, Item 1A. Risk Factors, and under the heading Forward-Looking Statements and in other sections of the Company s Annual Report on Form 10-K for the fiscal year ended September 27, 2025 (the 2025 Form 10-K ) filed with the SEC, and in its other filings with the SEC, all of which are available on the SEC s website at www.sec.gov. The forward-looking statements in this letter may not occur and readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are made only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
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GLT Shareholder/Stockholder Letter Transcript:

magnera.com
2025
Annual Report

Dear Shareholders,
Just over a year ago we launched Magnera with a bold vision and a strong belief in what we could achieve
together. In our first full year, we successfully integrated two legacy organizations into one cohesive company,
advanced our purpose of bettering the world through possibilities made real, strengthened our foundation,
and delivered strong results, underscoring the mission-critical importance of our work. Throughout this
journey, we remained steadfast in our commitment to safety, because at Magnera,    Safety is Personal.    Every
process, every innovation, and every decision reflects our responsibility to protect our people, our customers,
and our communities.
For the fiscal year 2025, revenues reached $3.2 billion, with Adjusted EBITDA of $362 million1. We generated
$126 million in free cash flow post-merger1, representing a yield of more than 30% at year-end. These results
reflect the dedication of our team, which collaborated effectively, integrated our organization, developed
optimization plans, and took decisive actions positioning us for continued success.
We are executing on our strategy and establishing Magnera as a leader in advanced specialty materials.
Our global scale, innovation capabilities, and strategic geographic presence have enabled us to consistently
succeed with top-tier customers, gaining share in markets and product segments of our choosing.
Looking ahead to 2026, we anticipate approximately 9% earnings improvement, driven by synergy realization,
Project CORE initiatives, and further advances in product mix and innovation. As we finalize the stabilization
phase of our Path to Success throughout 2026, we will pivot more of our energy toward the optimization
stage of our transformation and continue to cultivate an innovative culture aligned with our commitments to
all stakeholders.
Our commercial teams are fully integrated, ensuring consistent, high-quality service. We have standardized
operational metrics and processes and are advancing efficiency initiatives across the organization. We remain
action-oriented, guided by our Purpose, Promise, and Beliefs.
On behalf of our Board and leadership team, thank you for your continued trust and support. We remain
committed to building on this momentum and delivering another strong year in 2026.
Curt Begle
Chief Executive Officer
Magnera
(1) Adjusted EBITDA and free cash flow are non-GAAP financial measures. For a reconciliation of these measures to the nearest GAAP measure, see Annex A to the proxy statement for our 2026 Annual Meeting of Shareholders, which is being circulated with this 2025 Annual Report. This letter includes    forwardlooking    statements within the meaning of the federal securities laws and are presented pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon the current beliefs and expectations of the management and are subject to risks
and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those that we expected. These risks, uncertainties, and other unpredictable or uncontrollable factors include, but are not limited to, those described in Part I,    Item 1A. Risk Factors,    and under the heading
   Forward-Looking Statements    and in other sections of the Company   s Annual Report on Form 10-K for the fiscal year ended September 27, 2025 (the    2025 Form 10-K   ) filed with the SEC, and in its other filings with the SEC, all of which are available on the SEC   s website at www.sec.gov. The forward-looking
statements in this letter may not occur and readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are made only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement as a result of new
information, future events or otherwise, except as otherwise required by law.



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