Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2023 was $25.1 million, consistent with Q3 results, and full-year EBITDA was approximately $93 million, within the guidance range [7][86] - Volume decreased by 5% year-over-year, primarily due to weaker shipments in the tabletop category, driven by market softness in Europe and competition from alternative substrates [8][39] - Cash taxes paid in 2023 were lower by $15 million, mainly due to changes in jurisdictional income and timing of payments [12] Business Line Data and Key Metrics Changes - Spunlace segment revenues were down 7% on a constant currency basis, with lower selling prices impacting earnings by approximately $7 million, although volume increased by 3% [10] - Airlaid Materials segment revenues decreased by 19% on a constant currency basis, driven by lower shipments and selling prices, with a net unfavorable price-cost gap of $1.7 million [39] - Composite Fibers segment revenues were down 18% on a constant currency basis, primarily due to lower shipments and selling prices, but EBITDA improved by approximately $2 million [40][75] Market Data and Key Metrics Changes - The company experienced pronounced competitive challenges in the Airlaid segment, particularly in feminine hygiene and European tabletop categories [73][54] - Foreign exchange and related currency hedging negatively impacted earnings by $900,000, primarily due to hedging gains from the prior year [22] Company Strategy and Development Direction - The company announced plans to merge with Berry Global's HHNF business, expected to close in the second half of 2024, creating a leading publicly traded company in the specialty materials industry [4][14] - The merger aims to leverage combined strengths in markets where Berry is stronger, such as Asia Pacific and Latin America, and enhance innovation and growth opportunities [29][30] - The company is focusing on diversifying its customer base and product portfolio to reduce customer concentration while expanding efforts in innovation and sustainability [6] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing market challenges and limited visibility, particularly in Europe, but expressed confidence in the company's fundamentals and the anticipated merger benefits [42][30] - The company expects 2024 EBITDA to be in the range of $110 million to $120 million, reflecting anticipated headwinds and macroeconomic volatility [13][42] Other Important Information - Corporate costs were approximately $1.9 million lower compared to Q4 of the previous year, and full-year corporate costs were in line with 2022 [11] - The company reported a leverage ratio of 3.4 times as of December 31, with available liquidity of approximately $135 million at year-end [26] Q&A Session Summary Question: What are the market shares of Berry HHNF and Glatfelter in overlapping key businesses? - Management indicated that while they operate in the same segments, their products are complementary rather than directly competitive, which is a positive aspect of the proposed merger [46] Question: How much CapEx does HH&S spend? - Management stated it is too early to provide a definitive answer regarding maintenance and normalized CapEx for the new company [34] Question: How much debt will be transferred from HHNF and repaid with NewCo credit facilities? - Approximately $1.5 billion will be raised from Spinco into the merger, with about $1 billion used to dividend up to Berry and $400 million to retire existing Glatfelter debt [49]

Exhibit 99.1 Corporate Headquarters 4350 Congress Street Suite 600 Charlotte, NC 28209 U.S.A. www.glatfelter.com For Immediate Release Contacts: | Investors: | Media: | | --- | --- | | Ramesh Shettigar | Eileen L. Beck | | (717) 225-2746 | (717) 225-2793 | | ramesh.shettigar@glatfelter.com | eileen.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 wi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 company or emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. | Large Accelerated Filer | ☐ | Accelerated filer | ☒ | | --- | --- | --- | --- | | Non-accelerated filer | ☐ | Smaller reporting company | ...

PART I - FINANCIAL INFORMATION [Financial Statements](index=2&type=section&id=Item%201%20Financial%20Statements) The company presents unaudited condensed consolidated financial statements for the periods ended June 30, 2023 Condensed Consolidated Statements of Income (Unaudited) | In thousands, except per share | Three months ended June 30, 2023 | Three months ended June 30, 2022 | Six months ended June 30, 2023 | Six months ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $357,005 | $363,963 | $735,213 | $745,643 | | **Gross profit** | $18,133 | $37,397 | $54,347 | $69,062 | | **Operating income (loss)** | $(10,485) | $8,924 | $(4,372) | $(106,965) | | **Loss from continuing operations** | $(36,631) | $(2,460) | $(49,813) | $(110,750) | | **Net loss** | $(36,940) | $(2,052) | $(50,524) | $(110,379) | | **Diluted loss per share** | $(0.83) | $(0.04) | $(1.13) | $(2.46) | Condensed Consolidated Balance Sheets (Unaudited) | In thousands | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $614,494 | $679,484 | | **Total assets** | $1,576,563 | $1,647,353 | | **Total current liabilities** | $262,888 | $360,406 | | **Total liabilities** | $1,297,725 | $1,329,349 | | **Total shareholders' equity** | $278,838 | $318,004 | Condensed Consolidated Statements of Cash Flows (Unaudited) | In thousands | Six months ended June 30, 2023 | Six months ended June 30, 2022 | | :--- | :--- | :--- | | **Net cash used by operating activities** | $(53,021) | $(79,535) | | **Net cash used by investing activities** | $(16,723) | $(18,136) | | **Net cash provided by financing activities** | $10,515 | $33,546 | | **Net decrease in cash** | $(58,133) | $(67,712) | | **Cash and cash equivalents at end of period** | $53,864 | $71,476 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) The notes detail accounting policies, facility closure costs, debt refinancing, and segment performance data - In Q2 2023, the planned closure of the Ober-Schmitten facility resulted in recognizing **$10.4 million in employee severance and benefit costs**[28](index=28&type=chunk) - No impairment charges were recognized in H1 2023, unlike Q1 2022 which saw a **$117.3 million non-cash asset impairment charge**[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) - On March 30, 2023, the company amended its Credit Agreement, reducing the Revolving Credit Facility to **$250.0 million** and entering a new **€250.0 million Term Loan**[67](index=67&type=chunk)[72](index=72&type=chunk) Net Sales by Segment (Six Months Ended June 30) | In thousands | 2023 | 2022 | | :--- | :--- | :--- | | Airlaid Material | $311,952 | $293,172 | | Composite Fibers | $258,316 | $259,167 | | Spunlace | $166,143 | $193,304 | | **Total** | **$735,213** | **$745,643** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes financial results impacted by market softness, destocking, and turnaround strategy costs - H1 2023 operating results were significantly affected by **market softness, customer destocking, higher interest expense, and turnaround strategy costs**[115](index=115&type=chunk) Reconciliation of Net Loss to Adjusted Loss from Continuing Operations (Six Months Ended June 30) | In thousands, except per share | 2023 | 2022 | | :--- | :--- | :--- | | **Loss from continuing operations** | $(49,813) | $(110,750) | | **Total after-tax adjustments** | $23,497 | $102,995 | | **Adjusted loss from continuing operations** | **$(26,316)** | **$(7,755)** | | **Adjusted loss per share** | **$(0.58)** | **$(0.17)** | Reconciliation of Net Loss to Adjusted EBITDA (Six Months Ended June 30) | In thousands | 2023 | 2022 | | :--- | :--- | :--- | | **Net loss** | $(50,524) | $(110,379) | | **EBITDA** | $21,006 | $(73,824) | | **Adjusted EBITDA** | **$42,037** | **$50,230** | [Results of Operations](index=31&type=section&id=Results%20of%20Operations) H1 2023 results show slightly decreased net sales and gross profit, with varied performance across segments - **Airlaid Materials:** H1 2023 net sales increased by **$18.8 million YoY**, driven by higher selling prices that offset a 5.6% decline in shipment volumes[142](index=142&type=chunk)[143](index=143&type=chunk) - **Composite Fibers:** H1 2023 net sales decreased by **$0.9 million YoY**, as higher prices were offset by a 5.1% drop in shipments and unfavorable currency effects[144](index=144&type=chunk)[145](index=145&type=chunk) - **Spunlace:** H1 2023 net sales fell by **$27.2 million YoY**, driven by a 21.2% decline in shipment volumes[145](index=145&type=chunk)[146](index=146&type=chunk) - In Q1 2022, the company recorded a **$117.3 million impairment charge** on its Composite Fibers' Dresden facility and goodwill due to the Russia/Ukraine conflict[147](index=147&type=chunk)[148](index=148&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains sufficient liquidity through cash reserves and credit facilities after debt refinancing - The company has ample liquidity with **$53.9 million in cash** and **$89.6 million of capacity** under its revolving credit facility as of June 30, 2023[187](index=187&type=chunk) - The company's **leverage ratio was 3.4x** as of June 30, 2023, compliant with the amended credit agreement's maximum of 4.25x[184](index=184&type=chunk) - Capital expenditures are expected to be between **$30 million and $35 million in 2023**[182](index=182&type=chunk) - In Q3 2022, the Board of Directors **suspended the quarterly cash dividend** to focus on optimizing operational and financial results[185](index=185&type=chunk) [Quantitative and Qualitative Disclosures About Market Risks](index=47&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risks) The company's primary market risks arise from interest rate fluctuations and foreign currency exposure - A hypothetical **100 basis point increase** in the interest rate on variable rate debt would increase annual interest expense by **$1.1 million**[195](index=195&type=chunk) - The company has significant foreign currency risk, particularly with the euro, with annual euro-denominated revenue exceeding euro expenses by an estimated **€190 million**[196](index=196&type=chunk) [Controls and Procedures](index=48&type=section&id=Item%204%20Controls%20and%20Procedures) Management confirmed the effectiveness of disclosure controls and noted new ERP system implementations - Management concluded that **disclosure controls and procedures were effective** as of June 30, 2023[203](index=203&type=chunk) - During Q2 2023, **new ERP and manufacturing systems were implemented** for Spunlace's Old Hickory, TN and Asturias, Spain locations[204](index=204&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=49&type=section&id=Item%201B%20Legal%20Proceedings) This section references Note 19 for details on legal matters, including the Fox River environmental liability - Legal proceedings information is incorporated by reference from Note 19 of the financial statements, detailing commitments and contingencies like the **Fox River environmental matter**[206](index=206&type=chunk) [Exhibits](index=49&type=section&id=Item%206%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including incentive plans and certifications - Exhibits filed include the **Amended and Restated 2022 Long-Term Incentive Plan** and certifications by the CEO and CFO[209](index=209&type=chunk)

Glatfelter Corporation (NYSE:GLT) Q1 2023 Earnings Conference Call May 4, 2023 11:00 AM ET Company Participants Ramesh Shettigar - Senior Vice President, Chief Financial Officer & Treasurer Thomas Fahnemann - President & Chief Executive Officer Conference Call Participants Josh Wool - Carlson Capital Roger Spitz - Bank of America Peter Galgay - Amitell Capital Operator Good day, and welcome to the Glatfelter's Q1 2023 Earnings Release Conference Call. Today's conference is being recorded. At this time I'd l ...

− Higher incentive accruals Notes: (*) Corporate costs are primarily comprised of employee costs, legal fees, and professional services fees. The sum of individual amounts set forth above may not agree to the column totals due to rounding. Cash Flow − Adjusted EBITDA higher by ~$2 million − Interest paid increased by ~$3 million related to higher interest rates 10 • Expect full year 2023 EBITDA to be between $110 million and $120 million • Cash Interest estimated to be approximately $60 million, reflecting ...

Financial Performance - Net sales for Q1 2023 were $378,208,000, a decrease of 0.4% from $381,680,000 in Q1 2022[10] - Gross profit increased to $36,214,000 in Q1 2023, up from $31,665,000 in Q1 2022, representing a 14.4% improvement[10] - Operating income for Q1 2023 was $6,113,000, compared to a loss of $115,889,000 in Q1 2022[10] - The net loss for Q1 2023 was $13,584,000, significantly reduced from a net loss of $108,327,000 in Q1 2022[12] - Basic loss per share improved to $0.30 in Q1 2023 from $2.42 in Q1 2022[10] - Comprehensive loss for Q1 2023 was $6.1 million, improving from a comprehensive loss of $119.4 million in Q1 2022[36] - The company reported a net cash used by operating activities from discontinued operations of $0.4 million in Q1 2023, a decrease from $0.1 million in Q1 2022[34] Revenue Breakdown - Airlaid Materials revenue in Q1 2023 was $159.4 million, up 6.7% from $149.5 million in Q1 2022[28] - Composite Fibers revenue decreased to $132.6 million in Q1 2023 from $135.8 million in Q1 2022[28] - Spunlace revenue also declined to $86.7 million in Q1 2023, down from $96.4 million in Q1 2022[28] - Total tons shipped in Q1 2023 were 81,065 metric tons, a decrease of 11.8% compared to 91,999 metric tons in Q1 2022[105] Assets and Liabilities - Total assets as of March 31, 2023, were $1,651,471,000, slightly up from $1,647,353,000 at the end of 2022[15] - Cash and cash equivalents decreased to $88,641,000 from $110,660,000 at the end of 2022[15] - The current portion of long-term debt decreased to $3,955,000 from $40,435,000 at the end of 2022[15] - Total long-term debt increased from $844,232,000 on December 31, 2022, to $874,793,000 on March 31, 2023[64] - The carrying value of long-term debt as of March 31, 2023, was $874.8 million, with a fair value of $710.6 million, compared to a carrying value of $844.2 million and a fair value of $640.2 million as of December 31, 2022[85] Cash Flow and Expenditures - Operating cash flow used in continuing operations was $30,632,000 for Q1 2023, an improvement from $66,240,000 in Q1 2022[17] - Capital expenditures for the three months ended March 31, 2023, were $9.5 million, down from $12.3 million in the same period in 2022[105] - Expenditures for purchases of plant, equipment, and timberlands in Q1 2023 were $9,500,000, down from $12,349,000 in Q1 2022, a decrease of 23.0%[17] - Proceeds from disposals of plant, equipment, and timberlands in Q1 2023 were $713,000, compared to $3,160,000 in Q1 2022, a decline of 77.5%[30] Debt and Financing - The company entered into a €250,000,000 Term Loan on March 30, 2023, with an interest rate of 11.25% per annum, maturing on March 23, 2029[70] - The company issued $500,000,000 aggregate principal amount of 4.750% senior notes due 2029, with interest payable semi-annually[73] - As of March 31, 2023, the company met all requirements of its debt covenants[77] - The company guarantees all debt obligations of its subsidiaries, which are recorded in the consolidated financial statements[82] Tax and Valuation - The gross unrecognized tax benefits amounted to $57.2 million as of March 31, 2023, with approximately $54.1 million potentially affecting the effective tax rate if recognized[54] - The company recorded an increase in the valuation allowance of $3.1 million against net deferred tax assets for U.S. federal and certain foreign jurisdictions[53] - The effective income tax rate for the same period was negatively impacted by the jurisdictional mix of pretax results[54] Environmental and Other Obligations - The company has completed all remedial actions related to environmental claims at the Fox River site, with ongoing responsibilities for long-term monitoring and maintenance[99][100] - The company’s reserve for past and future government oversight costs and long-term monitoring and maintenance totaled $14.4 million as of March 31, 2023[103] - The escrow account balance as of March 31, 2023, was $8.9 million, which is included in "Other assets" on the balance sheet[102] - The company anticipates that oversight costs will decline as activities at the site transition from remediation to long-term monitoring and maintenance[102] Stock and Compensation - The balance of restricted stock units (RSUs) increased to 2,542,378 as of March 31, 2023, from 1,650,152 at the beginning of the year[45] - Share-based compensation expense for Q1 2023 was $931,000, slightly up from $909,000 in Q1 2022, an increase of 2.4%[19] - The company granted 1,190,206 Restricted Stock Units (RSUs) and Performance Share Awards (PSAs) in Q1 2023, increasing the total balance of RSUs and PSAs to 2,542,378[45]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☑ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2022 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to 4350 Congress Street, Suite 600 Charlotte, North Carolina 28209 (Address of principal executive offices) (704) 885-2555 | (Registrant's telephone number, in ...

Glatfelter Corporation (NYSE:GLT) Q4 2022 Earnings Conference Call February 21, 2023 11:00 AM ET Company Participants Ramesh Shettigar - SVP, CFO & Treasurer Thomas Fahnemann - President & CEO Conference Call Participants Roger Spitz - Bank of America Josh Wool - Carlson Capital Shaun Nicholson - Segall Bryant & Hamill Operator Good day everyone, and welcome to the Q4 2022 Glatfelter Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Ram ...

Business Overview - Glatfelter is diversified by end-customer, product application, and technologies, creating an attractive stand-alone platform[7] - The company enhances protection mechanisms to address raw material & energy inflation through dynamic pricing[7] - Glatfelter is committed to a conservative financial policy with leverage reduction as a key priority[7] Airlaid Materials - Feminine Hygiene accounts for 40% of Airlaid Materials sales mix[10] - Wipes represent 26% of the Airlaid Materials sales mix[10] - Table Top accounts for 19% of the Airlaid Materials sales mix[10] Composite Fibers - Food & Beverage constitutes 57% of Composite Fibers sales mix[14] - Technical Specialties represent 16% of the Composite Fibers sales mix[14] - Wallcover accounts for 11% of the Composite Fibers sales mix[14] Spunlace - Consumer Wipes account for 33% of Spunlace sales mix[17] - Critical Cleaning represents 31% of the Spunlace sales mix[17] - Health Care accounts for 19% of the Spunlace sales mix[17] Financial Performance & Outlook - Glatfelter expects Q4 2022 EBITDA to be in the range of $23 million to $26 million[27] - The company anticipates depreciation and amortization expense to be approximately $66 million[27] - Glatfelter expects capital expenditures to be approximately $35 million to $40 million, including $4 million to $5 million for Spunlace integration[27]