On this page of StockholderLetter.com we present the 3/26/2024 shareholder letter from Glatfelter Corp — ticker symbol GLT. Reading current and past GLT letters to shareholders can bring important insights into the investment thesis.
2023 A N N UA L R E P O R T
Glatfelter is a leading global supplier of engineered materials with a strong focus on innovation and sustainability. The Company s high quality, technology-driven, innovative, and customizable nonwovens solutions can be found in products that are Enhancing Everyday Life . These include personal care and hygiene products, food and beverage filtration, critical cleaning products, medical and personal protection, packaging products, as well as home improvement and industrial applications. Headquartered in Charlotte, NC, the Company s annualized net sales approximate $1.4 billion with approximately 2,980 employees worldwide. Glatfelter s operations utilize a variety of manufacturing technologies including airlaid, wetlaid and spunlace with fifteen manufacturing sites located in the United States, Canada, Germany, the United Kingdom, France, Spain, and the Philippines. The Company has sales offices in all major geographies serving customers under the Glatfelter and Sontara brands. Additional information about Glatfelter may be found at WWW.GLATFELTER.COM FORWARD-LOOKING STATEMENTS Certain statements included in this annual report that pertain to future financial and business matters are forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. We use words such as anticipate , believe , expect , future , intend , plan , target , and similar expressions to identify forward-looking statements. Any such statements are based on the Company s current expectations and are subject to numerous risks, uncertainties and other unpredictable or uncontrollable factors that could cause future results to differ materially from those expressed in the forward-looking statements. The risks, uncertainties and other unpredictable or uncontrollable factors are described in our filings with the U.S. Securities and Exchange Commission ( SEC ) in the Risk Factors section and under the heading Forward-Looking Statements in the accompanying Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, which are available on the SEC s website at www.sec. gov. In light of these risks, uncertainties and other factors, any such forward-looking matters may not occur, and readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date of this annual report and the Company undertakes no obligation, and does not intend, to update these forward-looking statements to reflect events or circumstances occurring after the date of this annual report. 2
,P re en t Ch ief Executive Off i c er Thomas Fahne ma nn s id and DEAR SHAREHOLDERS, Glatfelter entered 2023 with a continued sense of urgency to return meaningful profitability to the business and value to our shareholders. We ended the year delivering Adjusted EBITDA of $93 million on total sales of approximately $1.4 billion. By accelerating our implementation of global key initiatives with our Turnaround Strategy, we made substantial progress, particularly in the Spunlace segment, despite continued market headwinds. On February 7, 2024, Glatfelter and Berry Global announced the two companies had entered into a definitive agreement for Berry to spin-off and merge the majority of its Health, Hygiene and Specialties segment including its Global Nonwovens and Films business ( HHNF ) with Glatfelter, to create a leading, publicly traded company ( NewCo ) in the specialty materials industry. When combined, the two businesses will include forty-five (45) state-of-the-art manufacturing locations in the Americas, Europe, and Asia-Pacific, and employ over 8,500 talented employees worldwide. The proposed transaction values NewCo at proforma revenue of approximately $3.6 billion and proforma adjusted EBITDA of approximately $455 million, including expected synergies. Closing of the transaction is anticipated in the second half of 2024, subject to customary closing conditions, including Glatfelter shareholder and regulatory approvals. have the foundation to become a premier nonwovens supplier and global leader in the growing specialty materials industry, unlocking greater value creation opportunities for customers through an extensive product portfolio, superior innovation capabilities and technical expertise. Overall, Glatfelter is in a stronger position today compared to a year ago due to the efforts of our entire global team, which remains 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 have also made significant progress with closing the price-cost gap and implementing operational improvements that are enabling us to deliver better margins. 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 will position Glatfelter to effectively contribute to NewCo s future success. Thank you for your continued support. Sincerely, Berry s HHNF business brings an extensive portfolio of proprietary technologies, with a strong focus on healthcare, hygiene, and specialty end markets. When combined with Glatfelter s broad range of innovation capabilities and sustainable solutions in its airlaid, composite fibers, and spunlace segments, NewCo will Thomas M. Fahnemann President and Chief Executive Officer 3
T H I S PA G E I N T E N T I O N A L LY L E F T B L A N K 4
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GLT 3/26/2024 Shareholder/Stockholder Letter Transcript:

2023
A N N UA L
R E P O R T

Glatfelter is a
leading global supplier of
engineered materials with a strong
focus on innovation and sustainability.
The Company   s high quality, technology-driven,
innovative, and customizable nonwovens solutions can
be found in products that are Enhancing Everyday Life  .
These include personal care and hygiene products, food and
beverage filtration, critical cleaning products, medical and personal
protection, packaging products, as well as home improvement
and industrial applications. Headquartered in Charlotte, NC, the
Company   s annualized net sales approximate $1.4 billion with
approximately 2,980 employees worldwide. Glatfelter   s operations
utilize a variety of manufacturing technologies including airlaid,
wetlaid and spunlace with fifteen manufacturing sites located in the
United States, Canada, Germany, the United Kingdom, France,
Spain, and the Philippines. The Company has sales offices in all
major geographies serving customers under the Glatfelter
and Sontara   brands. Additional information about
Glatfelter may be found at
WWW.GLATFELTER.COM
FORWARD-LOOKING STATEMENTS
Certain statements included in this annual report that pertain to future financial and business matters are    forward-looking
statements    within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform
Act of 1995. We use words such as    anticipate   ,    believe   ,    expect   ,    future   ,    intend   ,    plan   ,    target   , and similar expressions
to identify forward-looking statements. Any such statements are based on the Company   s current expectations and
are subject to numerous risks, uncertainties and other unpredictable or uncontrollable factors that could cause future
results to differ materially from those expressed in the forward-looking statements. The risks, uncertainties and other
unpredictable or uncontrollable factors are described in our filings with the U.S. Securities and Exchange Commission
(   SEC   ) in the Risk Factors section and under the heading    Forward-Looking Statements    in the accompanying Annual
Report on Form 10-K and our Quarterly Reports on Form 10-Q, which are available on the SEC   s website at www.sec.
gov. In light of these risks, uncertainties and other factors, any such forward-looking matters may not occur, and readers
are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak
only as of the date of this annual report and the Company undertakes no obligation, and does not intend, to update
these forward-looking statements to reflect events or circumstances occurring after the date of this annual report.
2

,P
re
en
t
Ch ief
Executive Off
i c er
Thomas Fahne
ma
nn
s id
and
DEAR
SHAREHOLDERS,
Glatfelter entered 2023 with a continued sense of urgency
to return meaningful profitability to the business and
value to our shareholders. We ended the year delivering
Adjusted EBITDA of $93 million on total sales of
approximately $1.4 billion. By accelerating our
implementation of global key initiatives with our
Turnaround Strategy, we made substantial progress,
particularly in the Spunlace segment, despite continued
market headwinds.
On February 7, 2024, Glatfelter and Berry Global
announced the two companies had entered into a
definitive agreement for Berry to spin-off and merge the
majority of its Health, Hygiene and Specialties segment
including its Global Nonwovens and Films business
(   HHNF   ) with Glatfelter, to create a leading, publicly
traded company (   NewCo   ) in the specialty materials
industry. When combined, the two businesses will include
forty-five (45) state-of-the-art manufacturing locations in
the Americas, Europe, and Asia-Pacific, and employ over
8,500 talented employees worldwide.
The proposed transaction values NewCo at proforma
revenue of approximately $3.6 billion and proforma
adjusted EBITDA of approximately $455 million,
including expected synergies. Closing of the transaction
is anticipated in the second half of 2024, subject to
customary closing conditions, including Glatfelter
shareholder and regulatory approvals.
have the foundation
to become a premier
nonwovens supplier and
global leader in the growing
specialty materials industry, unlocking greater value
creation opportunities for customers through an extensive
product portfolio, superior innovation capabilities and
technical expertise.
Overall, Glatfelter is in a stronger position today compared
to a year ago due to the efforts of our entire global
team, which remains 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 have also made significant progress
with closing the price-cost gap and implementing
operational improvements that are enabling us to deliver
better margins. 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 will position
Glatfelter to effectively contribute to NewCo   s future
success.
Thank you for your continued support.
Sincerely,
Berry   s HHNF business brings an extensive portfolio
of proprietary technologies, with a strong focus on
healthcare, hygiene, and specialty end markets. When
combined with Glatfelter   s broad range of innovation
capabilities and sustainable solutions in its airlaid,
composite fibers, and spunlace segments, NewCo will
Thomas M. Fahnemann
President and Chief Executive Officer
3

T H I S PA G E I N T E N T I O N A L LY L E F T B L A N K
4



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