#11 ایی GLATFELTER NYSE Basic Materials Investor Access Day March 31, 2022 NYSE: GLT Dante Parrini, Chairman & CEO Sam Hillard, SVP & CFO Ramesh Shettigar, VP - ESG, IR & Treasury#22 Forward Looking Statements and Use of Non-GAAP Financial Measures Any statements included in this presentation which 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. The Company uses words such as "anticipates", "believes", "expects", “future”, "intends", "plans", "targets", 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, which are described in the Company's filings with the U.S. Securities and Exchange Commission ("SEC"), including those set forth in the Risk Factors section and under the heading "Forward-Looking Statements" in the Company's most recently filed Annual Report on Form 10-K and Quarterly Report 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, the forward-looking matters discussed in this presentation 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 presentation 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 presentation. During the course of this presentation, certain non-U.S. GAAP financial measures will be presented. A reconciliation of these measures to U.S. GAAP financial measures is included in the appendix of this presentation. G#3Glatfelter's Ongoing Evolution 2022 & Beyond 2018 - 2021 Pre-2018 Expanded internationally acquiring Schoeller & Hoesch GmbH creating Composite Fibers business Acquired Lydney, UK facility to expand tea and coffee business Acquisition of Concert Industries creates Airlaid Materials business Dresden acquisition adds Nonwoven Wallcover product line Completed capacity expansions in Composite Fibers to serve Tea, Coffee, and consumer growth markets Oberschmitten acquisition expands Electrical product line 3 Sale of Specialty Papers business creates more growth focused and stable Engineered Materials platform Terminated and settled qualified pension plan and reverted $33 million cash back to company Fox River liability settled and paid $20.5 million as part of final settlement New airlaid facility in Fort Smith, AR expanded capacity by 20% • Acquired 2 Georgia-Pacific airlaid facilities to expand capacity and capture and service long term demand for health and hygiene products Issued first "Sustainability" report in 2020 formalizing our ESG priorities Relocated Corporate Headquarters to Charlotte, North Carolina to enhance access to resources and more diverse talent Recently acquired Jacob Holm to add complementary scale and best-in- class suite of nonwovens technologies, applications, and products Execute integration of recent acquisitions with a focus on synergy capture and deleveraging Accelerate innovation to further expand engineered materials product portfolio Address inflation through pass-through of raw material costs and energy prices in Europe using dynamic pricing model Actively manage Russia/Ukraine geo- political crisis and its commercial impact (2021 revenues ~$95 million) Pursue growth investments as balance sheet capacity permits G#4Glatfelter's Strategic Transformation The New GLT A Leading Engineered Materials Company -- Transformation Actions & Value Creation Portfolio Realignment Multiple Growth Platforms Accelerating Innovation Committed to ESG and an Inclusive Culture Strategic Growth Shareholder Distributions Financial Capacity Sale of Specialty Papers - $360M Pension Plan Reversion - ~$33M Addition of Spunlace technology ~90% of Revenues from Essential Consumer Staples Acquisitions $360M (G-P EU & G-P US) $304 (Jacob Holm) Organic $90M (Ft. Smith) Dividends of ~$25M annually Investment Thesis GDP/GDP+ growth categories make up >80% of Portfolio: Wipes - 25% F&B -22% Hygiene - 18% Electrical/TS-7% Tabletop - 6% Health Care - 4% --- Issued $500M 8-year Bond at 4.75% Amended and Extended Credit Facility Ample leverage flexibility and liquidity for future growth Improved Cash Flows Adj. EBITDA Growth: 2018 - $86M 2021-$140M* Enhancing Everyday Life™... Sustainably * TTM Pro forma Adjusted EBITDA includes $2.1 million of Mount Holly EBITDA for 4.5 months and $18.3 million of Jacob Holm EBITDA for 10 months not under Glatfelter ownership 4 G#5Segment Update 5 G#66 Airlaid Materials Key Performance Characteristics Highly absorbent Very thin profile Soft, cloth-like feel Multi-layer capability to create dynamic fluid management systems Applications Primary Applications Absorbent Hygiene Products Personal Care and Home Care Wipes, Industrial Wipes Disposable Tabletop Products Absorbent Food Pads Primary Inputs Fluff Pulp Synthetic Fibers Super Absorbent Polymers Binder 100 100- Blue Chip Customers P&G Procter&Gamble hoffmaster® essity Color Fashion Design rockline® Johnson-Johnson NP NICE PAK Edgewell Kimberly-Clark PERSONAL CARE G#77 • • Airlaid Materials Portfolio Summary Key Success Factors Megatrends driving demand: - Sustainability - Health, hygiene and wellness Convenience Aging population Categories growing at normalized GDP/GDP+ rates: - - Feminine Hygiene ~1-2% Consumer Wipes ~3-4% Tabletop ~2-3% Adult Incontinence -5% Economies of scale, global manufacturing footprint and diversified product portfolio Innovation and product development partner with "Blue Chip" customers Adult Incontinence 5% Home Care 6% Sales Mix Other 6% Table Top 16% Feminine Hygiene 44% Wipes 24% G#8Composite Fibers Key Performance Characteristics Light weight substrates with wet strength High quality improves efficiency on customer manufacturing equipment Dimensional stability, dry stripability, and printability for wallcover Primary Applications Tea Bag and Single-Serve Coffee Wallcover and Decorative Laminate Pasting Paper for Lead-Acid Batteries Personal Care and Home Care Wipes Glassine Primary Inputs Softwood Pulps Abaca Pulp Specialty Fibers 8 Applications Blue Chip Customers G PLAYHELTER a Palitra WILSONART ONAL Henkel 1974 wellness teas sturmfoods A rockline AS.CREATION CLARIOS JDE TRAD SINCE Heineken Trilliant. Food Beverage Nutrition Keurig DrPepper BIGELOW Tetley Unilever G#99 . Composite Fibers Portfolio Summary Key Success Factors Megatrends driving demand: - Sustainability Convenience Wellness Mobility Categories growing at normalized GDP/GDP+ rates: - Tea ~2% - Single Serve Coffee ~3% Electrical ~3% Sales Mix Composite Laminates 8% Metallized 6% Technical Specialties 16% Wall Cover 16% Food & Beverage 54% - Composite Laminates ~3% • Unrivaled inclined-wire manufacturing assets, critical captive abaca pulp supply and superior product quality Innovation driving growth in Technical Specialties G#1010 Spunlace Key Performance Characteristics Softness Highly absorbent Low linting Breathability Primary Applications Personal Care Wipes Home Care Wipes Critical Cleaning (Automotive, Aerospace, Printing) Health and Skin Care Products Primary Inputs Cellulosic Fibers Synthetic Fibers Fluff Pulp Applications 32 Pampers Blue Chip Customers P&G Procter&Gamble Mölnlycke rockline CODI essity INTERNATIONAL NP NICE PAK GP Georgia-Pacific G#1111 Spunlace Portfolio Summary Key Success Factors Megatrends driving demand: - - Health, hygiene and wellness. Aging population Convenience Categories growing at normalized GDP/GDP+ rates: Consumer Wipes ~3-4% - Critical Cleaning ~5% Health Care -5% Sales Mix Beauty Care 4% Hygiene 7% High Performance Materials 3% Consumer Wipes 40% Health Care 16% - Hygiene ~5% Global manufacturing and finished goods distribution footprint with diversified product portfolio Innovation and sustainability focused Critical Cleaning 30% G#12Financial Update 12 G#13Near Term Financial Priorities Available Liquidity Focused on maximizing financial flexibility and maintaining access to ample liquidity $400 million revolving credit facility for liquidity purposes virtually undrawn (1) Leverage Expectations and Conservatism Commitment to de-leveraging post-acquisition via combination of modest EBITDA growth, achievement of transaction synergies and voluntary debt prepayment Term Loan A with status quo maturity (Feb-2024) acts as source of prepayable debt Demonstrated meaningful deleveraging after major acquisitions (Concert, Dresden, Steinfurt) Continue required capital expenditures to efficiently maintain operating assets Acquisition integration, Spunlace turn-around and synergy delivery will be key (1) After giving effect to ~$7.0 million of outstanding undrawn stand-by letters of credit. 13 G#1414 Airlaid Materials Financial Trends Positioned for Volume Growth Lower revenue in 2020 versus 2019 mainly driven by contractual pass-through of declining raw material costs Volume grew in all product categories except tabletop in 2020, which was negatively impacted by COVID restrictions 2021 reflects tabletop recovery and addition of Mount Holly as of May 2021; Hygiene experienced softer demand as customers continued destocking in first half but recovered to normalized levels in 2nd half of 2021 $ in millions Revenue & Shipment Trend 104,774 92,632 137,595 136,661 148,134 $470 $406 $391 $311 $256 2017 2018 2019 Revenue 2020 --Tons Sold (MT) 2021 Track Record of Improving Profitability and Margins Strong operational excellence and Cl programs improving efficiencies Pass through of raw material cost changes (on ~70% of revenue) allows to preserve margins during inflationary environment Also successfully increased prices on non pass-through customers Implemented energy surcharges in Q4-2021 to offset rising energy costs EBITDA up 10% in 2020 versus 2019 with steadily growing margins Profitability improved in 2nd half of 2021 due to more normalized demand and addition of Mount Holly Overall margin decline driven by customer inventory de- stocking in TH of 2021 EBITDA & EBITDA Margin 17.6% 15.3% 15.5% 15.0% 14.6% $68.7 $70.3 $62.3 $44.9 $39.7 2017 2018 2019 2020 2021 EBITDA EBITDA Margin % G#1515 Composite Fibers Financial Trends Improving Outlook Revenue & Shipment Trend . Strategic partnerships with leading, global customers $ in millions 150,389 143,777 133,474 134,758 132,196 . Steady growth in coffee and electrical categories • High demand in composite laminates and technical specialties during pandemic $544 $555 $522 $525 $557 Profitability lowered by inflation Operational excellence programs improving efficiencies • Aggressive cost control initiatives Announced price increases in Q1-21 and Q3-21 and energy surcharges in Q4-21 to offset rising input costs (wood pulp, energy and logistics) Margin profile steadily improving since 2018; but 2021 severely impacted by inflationary pressures, particularly in 2nd half of 2021 Targeting conversion to dynamic pricing model on 50% of revenue base by end of 2022 2017 2018 Revenue 2019 2020 --Tons Sold (MT) EBITDA & EBITDA Margin 2021 16.7% 14.9% 13.8% 14.2% 11.7% $90.1 $76.9 $73.8 $78.3 $65.1 2017 2018 2019 2020 2021 EBITDA EBITDA Margin % G#16Spunlace Financial Trends Positioned for volume growth recovery Peak revenue in 2020 driven by global surge for nonwoven materials driven by COVID Revenue & Shipment Trend $ in millions 93,680 76,204 81,111 76,069 78,220 2021 volume softness due to supply chain inventory correction starting in mid-2021 $420 $359 $364 $362 $343 Applications such as Automotive, Aerospace and Hospital Operating Room recovering after slowdown due to COVID 2017 2018 2019 2020 2021 Profitability impacted by inflation Revenue --Tons Sold (MT) 16 Operational excellence and CI programs improving efficiencies; most sites currently operating below full capacity Pass-through of raw material inflation in place with larger Consumer and Medical accounts, but majority of Sontara Professional business on annual pricing and currently lagging in cost recovery 2021 significantly challenged by energy and raw material inflation 10% price increase announced in Oct. 2021 to help offset rising energy and input costs Announced leadership realignment to enhance focus and immediately address near term challenges and accelerate turnaround (*) EBITDA based on IFRS. Figures translated to USD at USD/DKK = 6.28. EBITDA* & EBITDA Margin 11.9% 8.2% 5.9% 6.1% $50.0 5.6% $29.4 $22.2 $21.4 $19.1 2017 2018 2019 2020 2021 EBITDA EBITDA Margin % G#1717 Jacob Holm Synergies Summary Jacob Holm is expected to yield ~$20 million of annual synergies within 24 months One-time costs to achieve the synergies are an estimated ~$20 million - Sourcing & Supply Chain Spend consolidation across regions or categories, harmonization of overlapping suppliers, negotiation of better terms with key suppliers Optimization of regional distribution networks Operational Improvement Targeted reduction in waste and reduction of manufacturing downtime Reduction of FTE across Jacob Holm manufacturing sites Corporate SG&A Reduction and Other Reduction in FTE overlap typical for the combination of two independently run companies Back office and IT support consolidation and associated FTE reduction Total Annual Synergies ~$20 million G#18Cash Flow 2021 Adjusted Free Cash Flow from continuing operations $10.0 million lower versus last year Adjusted EBITDA lower by ~$5.5 million Q4 2021 Adjusted Free cash flow $19 million lower than Q4 2020 due to lower earnings and higher capital expenditures 2022 Outlook: Expect capital expenditures to be approximately $45 to $50 million, including $7 million to $8 million for Spunlace integration Expect depreciation and amortization expense to be approximately $74 million Q1 2022 tax rate between 48% and 50% on adjusted earnings (in millions) Adjusted EBITDA Change in working capital (*) Taxes paid Q4 2020 Q4 2021 2020 2021 $31.3 $25.7 $125.3 $119.6 46.8 45.1 9.2 11.0 (3.9) (5.7) 10.0 (15.5) Interest paid (1.5) (2.2) (6.2) (7.0) Other 11.8 (30.4) (29.2) (37.2) Cash Flow from continuing Operations Less: Capital expenditures $84.5 $32.5 $109.0 $71.0 (8.0) (11.5) (28.1) (30.0) Free Cash Flow $76.5 $21.0 $80.9 $40.9 Less: Adjustments to Free Cash Flow Adjusted Free Cash Flow (18.0) 18.6 (0.5) 29.0 $58.5 $39.5 $80.3 $70.0 Notes: - (*) Working capital is defined as accounts receivable plus inventories less accounts payable. The sum of individual amounts set forth above may not agree to the column totals due to rounding. (1)- Slide 24 in appendix includes the details for the Adjustments to Free Cash Flow and recasts prior quarters to align with full year presentation Note: Adjusted EBITDA for all periods presented has been modified to add back share-based compensation consistent with the newly amended credit agreement. 18 G#1919 Balance Sheet and Liquidity Higher leverage of 4.6x as of December 31, 2021 versus 1.7x as of December 31, 2020 driven by Mount Holly acquisition in Q2 2021 for $172 million and Spunlace acquisition for $304 million in Q4 2021 ~ Executed $500 million bond issuance in Oct. 2021 and renewed 5-year revolver December 2019 cash includes ~ $53.4 million related to pension settlement Available liquidity of ~$260 million (in millions) Cash Debt Current portion of long term debt 31-Dec-19 $126.2 31-Dec-20 31-Dec-21 $99.6 $138.4 22.9 25.1 26.4 Short term debt 22.8 $500 million 4.75% bond 500.0 Term Loans 1.3% -2.4% due 2022 - 2025 Revolving credit agreement 255.1 253.5 239.5 84.3 36.8 10.0 Unamortized deferred financing costs Total Debt (2.4) (1.9) (11.4) 359.9 313.5 787.4 Net Debt $233.7 $213.9 $648.9 Shareholders' Equity $556.0 $577.9 $542.8 TTM Adj. EBITDA (*) 110.3 125.3 140.0 Net Leverage 2.1x 1.7x Available Liquidity $200.4 $274.8 4.6x (*) $258.0 Notes: (*) TTM Pro forma Adjusted EBITDA as of December 31, 2021, includes $2.0 million of Mount Holly EBITDA for 4.5 months and $18.3 million of Spunlace segment for 10 months not under Glatfelter ownership; EBITDA calculation modified to add back share-based compensation consistent with the newly amended credit agreement; Debt covenant compliance ratio of 3.8x includes additional add backs permitted under credit agreement The above calculation is not intended to be used for purposes of calculating debt covenant compliance. The sum of individual amounts set forth above may not agree to the column totals due to rounding. G#20Sustainability & Innovation Update 20 20 G#2121 Commitment to Sustainability Long Standing Core Values Committed to sustainability and being a responsible corporate citizen 1 > Integrity 2 > Financial Discipline 3 > Mutual Respect 4 > Customer Focus 5 > Environmental Responsibility 6 > Social Responsibility Do III ESG Priorities Environmental Responsibility Innovation and Environmental Responsible Products Environmental Impact Management • Social Responsibility Occupational Health & Safety Diversity, Equity & Inclusion Product Safety & Quality Community & Employee Engagement Governance and Ethics Corporate Governance Ethics and Integrity G#2222 Enhancing Everyday Life... Sustainably Focused on building a more sustainable portfolio based on eco-friendly materials, product circularity, high quality and robust product safety 0800 -3% GHG emissions -2% Water Usage (2018-2019) 6,800 MWh of electricity from cogeneration (2019) Low TCIR Consistently ranked in the top quartile of safety performance in the industry 38% Board of Directors - Women & Minority Natural Fibers: Competitive Advantage Majority of product content - natural cellulose fibers Continue pursuit of building a sustainable brand - Jacob Holm (JH) acquisition - JH: ~50% of raw material inputs plant based / all natural fibers ― JH Goal: sustainable alternative for 100% of all SKUs by 2030 Sustainable Supply Chain Supplier Code of Conduct Rainforest Alliance ™ standards for environmental, social and economic sustainability for suppliers Board oversight structure for ESG Human Rights Policy Published 1st Sustainability Report in 2020 Formalizing environmental measures and goals G#2323 Innovation Efforts ➤ Innovation continues to be a key area of focus for growth and sustainability initiatives: Priorities Leveraging plant-based inputs that support growing sustainability megatrend Developing new materials and applications using extensive and evolving technology platforms Accelerating IP protection efforts on new-to- world products and technologies Advancing partnerships outside of GLT to bolster joint development and know-how Maintaining focus on developing fit-for- purpose products for more price sensitive regions and applications Recognitions Named 'Supplier of the Year' by Keurig Green Mountain (2016) Won Continuous Improvement Award from KDP Won Rockline Industries' Supplier Innovation Award Glat PureTM Backsheet Nominated for Hygienix Innovation Award GlatClean TM Nominated for World of Wipes Innovation Award Awarded "Fine to Flush" Certificate for Dispersible Wipes Sontara Dual brand wins Index 20 Innovation Award for nonwoven wipes Blue Ocean Closures and Sontara Silk chosen as finalists for IDEA22 Achievement Award G#2424 Key Investment Highlights 1 2 Significant improvement in scale Diversification by end customer and product application, improved by the Jacob Holm Acquisition ای GLAT FELTER CO 6 LO 5 3 4 Leading category positions across a number of products Protection mechanisms to address raw material & energy price volatility through dynamic pricing model Commitment to conservative financial policy Focused on Innovation and Sustainability G#25Appendix 25 25 G#2626 Glatfelter Locations - ~3,300 PEOPLE Corporate Headquarters Charlotte, NC 3 Global Centers 10 Sales and Distribution Centers 16 Manufacturing Sites USA Fort Smith, AR; Old Hickory, TN; Mt. Holly, NC; Asheville, NC Germany Gernsbach, Falkenhagen, Dresden, Ober-Schmitten, Steinfurt Canada Gatineau, QC United Kingdom Lydney, Caerphilly France Scaer, Soultz Spain Asturias Philippines Lanao del Norte 8008 R&D Center Memphis, TN Converting Site Madison, TN Abaca Processing Site Costa Rica G#2727 Glatfelter Airlaid Materials Sites Falkenhagen, Germany Fort Smith, Arkansas, USA Gatineau, Quebec, Canada Mount Holly, NC, USA Steinfurt, Germany ~400 employees 3 Airlaid Lines Latex-bonded Multi-bonded 55-600 g/sqm 3 Slitters 3 Single-Lane Festooner Lines ~70 employees 1 Airlaid Line • . Thermo- bonded Multi-bonded ~300 employees 2 Airlaid Lines • • Thermo- bonded ~135 employees 2 Airlaid Lines Latex-bonded Multi-bonded • • Multi-bonded • Thermal • 50-55 g/sqm • 50-600 Bonded g/sqm (specialized for thin product) 2 Single-Lane Festooner Lines • 45-300 g/sqm ~200 employees 2 Airlaid Lines Latex-bonded Multi-bonded 50-300 g/sqm 3 Slitters 3 Single-Lane Festooner Lines G#2828 Glatfelter Composite Fibers Sites Caerphilly, United Kingdom Dresden, Germany Gernsbach, Germany Lydney, United Kingdom ~60 employees • AI . 3 Laquering Machines 2 Metallizers ~120 employees ~600 employees ~270 employees . • 3 Inclined-Wire Machines - 12.3 60 g/sqm 4.20 m 2.20 deckles • 1 Duplex- • 5 Inclined-Wire • Fourdrinier Machines • 65-175 g/sqm • 9 Slitters • 3.40 mm . 1 Embossing . Synthetic fiber preparation and • Calendar 8 - 100 g/sqm dosing technologies G#29Glatfelter Composite Fibers Sites (continued) 29 20 Ober-Schmitten, Germany Scaer, France Newtech Pulp - Philippines • ~140 employees Dedicated Abaca Pulp site Produces a variety of specialty pulps for F&B Main supplier of GLT Abaca pulp for all production sites ~170 employees • 4 Fourdriniers 1.50 1.70 m for glassine paper 1.90 2.10 m - for capacitor paper ~120 employees 2 Inclined-Wire Machines • 9 - 60 g/sqm 1.60 1.80 m deckles 晶 晶 • G#3030 Glatfelter Spunlace Sites Old Hickory, TN, USA Madison, TN, USA Asturias, Spain Soultz, France ~170 employees 3 Spunlace Lines 640m sqm Capacity HPM Other 6% 3% Critical Cleaning 41% Health Care 50% ~85 employees Converting ~110 employees 1 Spunlace ~180 employees 2 Spunlace Lines Ashville, NC, USA ~180 employees 2 Spunlace Lines 用时用 Line • • 160m sqm • 505m sqm 470m sqm Other 8% Beauty Care 6% Other 3% Consumer Wipes 53% Other 3% Critical Cleaning 92% Hygiene 38% Consumer Wipes 97% G#3131 Reconciliation of Non-GAAP measures Adjusted EBITDA and Adjusted Operating Income from continuing operations In millions Net Income (loss) Adjust: Discontinued ops Add: Taxes Add: Depreciation and Amortization (1) Add: Net Interest Expense EBITDA Adjustments Exclusions: Q4 2020 Q4 2021 2020 2021 $ 9.8 $ (10.4) $ 21.3 $ 6.9 (0.7) (0.8) (0.5) (0.2) 2.8 (7.8) 11.6 7.0 13.3 17.2 56.6 61.4 1.7 7.0 6.6 12.3 $ 26.9 $ 5.2 $ 95.6 $ 87.4 Share-based compensation (3) 1.7 1.0 5.7 5.1 Pension settlement expenses, net (0.6) 6.2 Gains on Timberland Sales and Transaction Related Costs (0.4) (0.6) (1.4) (5.2) Restructuring charge - Metallized operations (net of accelerated depreciation) 1.5 7.2 Acquisition and integration relation costs 7.2 - COVID-19 incremental costs 0.9 2.7 Cost optimization actions 0.4 0.2 6.0 0.9 Asset impairment charge 0.9 Costs related to strategic initiatives 0.7 12.6 1.6 30.9 Corporate headquarters relocation (net of asset write off) 0.2 0.2 0.9 0.6 Adjusted EBITDA from continuing operations (3) $ 31.3 $ 25.7 $ 125.3 $ 119.6 Depreciation and Amortization (2) Other (Income)/Expense Share-based compensation (3) Adjusted Operating Income from continuing operations (13.3) (17.2) (52.5) (61.4) 0.8 0.7 4.0 2.7 (1.7) (1.0) (5.7) (5.1) $ 17.1 $ 8.1 $ 71.1 $ 55.8 (1,2) 2020 includes accelerated depreciation incurred in connection with restructuring of Composite Fibers' Metallized operations of $4.1 million for full year, not included in adjusted operating income (3) Adjusted EBITDA for all periods presented has been modified to add back share-based compensation consistent with the newly amended credit agreement Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding. G#3232 Reconciliation of Non-GAAP measures Adjusted EBITDA from continuing operations In millions Net Income (loss) Exclude: Loss from discontinued operations, net of tax Add: Taxes from continuing operations Add: Depreciation and Amortization Add: Net Interest Expense EBITDA from continuing operations Adjustments / Exclusions: Share-based compensation Pension settlement expenses, net Gains on Timberland Sales and Transaction Related Costs Asset impairment charge Acquisition and integration relation costs Restructuring charge - Metallized operations (net of accelerated depreciation) Cost optimization actions COVID-19 incremental costs Corporate headquarters relocation (net of asset write off) Costs related to strategic initiatives (1) Fox River environmental matter Adjusted EBITDA from continuing operations (2) 2017 2018 2019 2020 2021 $ 7.9 $ (177.6) $ (21.5) $ 21.3 $ 6.9 (13.5) 177.2 (3.7) (0.5) (0.2) 25.1 7.7 (9.2) 11.6 7.0 42.1 47.5 50.8 56.6 61.4 13.1 15.0 9.3 6.6 12.3 $ 74.6 $ 69.8 $ 25.7 $ 95.6 $ 87.4 5.5 6.3 3.6 5.7 5.1 . 75.3 6.2 (0.2) (3.2) (1.6) (1.4) (5.2) 0.9 110 10.9 7.1 1.0 10 - I 7.2 1.3 0.4 8.6 6.0 0.9 2.7 0.9 0.6 5.9 0.2 1.6 30.9 (2.5) $ 92.2 $ 86.3 $ 110.3 $ 125.3 $ 119.6 (1) The amount for 2018 includes approximately $2.9 million of foreign currency gains associated with the financing for the Steinfurt acquisition Adjusted EBITDA for all periods presented has been modified to add back share-based compensation consistent with the newly amended credit agreement (2) Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding. G#3333 (1) (*) Reconciliation of Non-GAAP measures Pro-forma Adjusted EBITDA used for leverage calculation In millions Net Income (loss) Exclude: Loss from discontinued operations, net of tax Add: Taxes from continuing operations Add: Depreciation and Amortization Add: Net Interest Expense EBITDA EBITDA from Mount Holly Operations EBITDA from Spunlace Operations Adjustments / Exclusions: Share-based compensation 2019 2020 Pro forma 2021 $ (21.5) $ 21.3 $ 6.9 (3.7) (0.5) (0.2) (9.2) 11.6 7.0 50.8 56.6 61.4 9.3 6.6 12.3 $ 25.7 $ 95.6 $ 87.4 2.1 18.3 3.6 5.7 5.1 Gains on Timberland Sales and Transaction Related Costs (1.6) (1.4) (5.2) Asset impairment charge 0.9 I Pension settlement expenses, net 75.3 6.2 Acquisition and integration relation costs 1.0 - Restructuring charge - Metallized operations (net of accelerated depreciation) 7.2 Cost optimization actions 8.6 6.0 0.9 COVID-19 incremental costs 2.7 Corporate headquarters relocation (net of asset write off) 0.9 0.6 Costs related to strategic initiatives 0.2 1.6 30.9 Fox River environmental matter (2.5) - Adjusted EBITDA from continuing operations (1) $ 110.3 $ 125.3 $ 140.0 (*) Adjusted EBITDA for all periods presented has been modified to add back share-based compensation consistent with the newly amended credit agreement TTM Pro forma Adjusted EBITDA as of December 31, 2021, includes $2.1 million of Mount Holly EBITDA for 4.5 months and $18.3 million of Spunlace segment for 10 months not under Glatfelter ownership G#3434 Reconciliation of Non-GAAP measures Adjusted EPS from continuing operations In millions Net Income (loss) Adjust: Discontinued ops, net of tax Net Income (loss) from continuing operations Adjustments / Exclusions: Q4 2020 Q4 2021 2020 $ 9.8 $ (10.4) $ 21.3 2021 $ 6.9 (0.7) (0.8) (0.5) (0.2) 9.1 (11.2) 20.8 6.7 Pension settlement expenses, net (0.6) 6.2 Gains on Timberland Sales and Transaction Related Costs (0.4) (0.6) (1.4) (5.2) Asset impairment charge 0.9 COVID-19 incremental costs 0.9 2.7 Corporate headquarters relocation 0.4 0.2 1.0 0.6 Cost optimization actions 1.6 0.2 6.0 0.8 Restructuring charge - Metallized operations - 11.1 Costs related to strategic initiatives 0.7 19.7 1.6 31.0 Income Tax impacts and other adjustments (2.2) (6.6) (11.5) (6.3) Total adjustments 0.5 12.9 16.6 20.9 Adjusted income from continuing operations $ 9.6 $ 1.6 37.4 27.6 Adjusted EPS for continuing operations Weighted average shares - QTD/YTD $ 0.22 $ 0.04 $ 0.84 $ 0.61 44,714 44,596 44,614 44,924 G#3535 Reconciliation of Non-GAAP measures Adjusted EPS from continuing operations In millions Net Income (loss) Adjust: Discontinued ops, net of tax Net Income (loss) from continuing operations Adjustments / Exclusions: Q4 2020 Q4 2021 2020 $ 9.8 $ (10.4) $ 21.3 2021 $ 6.9 (0.7) (0.8) (0.5) (0.2) 9.1 (11.2) 20.8 6.7 Pension settlement expenses, net (0.6) 6.2 Gains on Timberland Sales and Transaction Related Costs (0.4) (0.6) (1.4) (5.2) Asset impairment charge 0.9 COVID-19 incremental costs 0.9 2.7 Corporate headquarters relocation 0.4 0.2 1.0 0.6 Cost optimization actions 1.6 0.2 6.0 0.8 Restructuring charge - Metallized operations - 11.1 Costs related to strategic initiatives 0.7 19.7 1.6 31.0 Income Tax impacts and other adjustments (2.2) (6.6) (11.5) (6.3) Total adjustments 0.5 12.9 16.6 20.9 Adjusted income from continuing operations $ 9.6 $ 1.6 37.4 27.6 Adjusted EPS for continuing operations Weighted average shares - QTD/YTD $ 0.22 $ 0.04 $ 0.84 $ 0.61 44,714 44,596 44,614 44,924 G#3636 Reconciliation of Non-GAAP measures Adjusted EPS from continuing operations In millions 2017 2018 2019 2020 2021 Net Income (loss) $ 7.9 Adjust: Discontinued ops, net of tax (13.5) $ (177.6) 177.2 $ (21.5) $ 21.3 $ 6.9 (3.7) (0.5) (0.2) Income (loss) from continuing operations (5.6) (0.4) (25.2) 20.8 6.7 Adjustments / Exclusions: Pension settlement expenses, net Gains on Timberland Sales and Transaction Related Costs Asset impairment charge Acquisition and integration relation costs COVID-19 incremental costs Debt refinancing fees Cost optimization actions 2.6 Restructuring charge - Metallized operations Costs related to strategic initiatives (1) Fox River environmental matter . 75.3 6.2 (0.2) (3.2) (1.6) (1.4) (5.2) 0.9 10.9 7.1 1.0 2.7 1.0 0.4 8.6 6.0 0.9 - 11.1 5.9 0.2 1.6 30.9 (2.5) - - Corporate headquarters relocation 1.1 0.6 Income Tax impact and other adjustments 18.8 (0.5) (23.7) (11.5) (6.3) Total adjustments 32.0 9.6 58.4 16.6 20.9 Adjusted income from continuing operations 26.4 9.2 33.2 37.4 27.6 Normalizing tax rate to 40% provision (2017) 6.8 Adjusted earnings for continuing operations $ 19.6 $ 9.2 $ 33.2 $ 37.4 $ 27.6 Adjusted EPS for continuing operations Weighted average shares $ 0.44 $ 0.21 $ 0.75 $ 0.84 $ 0.61 44,439 43,768 44,132 44,614 44,924 (1) The amount for 2018 includes approximately $2.9 million of foreign currency gains associated with the financing for the Steinfurt acquisition. Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding. G#3737 Reconciliation of Non-GAAP measures Adjusted Free Cash Flow from Continuing Operations In millions Q4 2020 Q4 2021 2020 2021 Adjusted EBITDA (1) $31.3 $25.7 $125.3 $119.6 Change in working capital 46.8 45.1 9.2 11.0 Taxes paid (3.9) (5.7) 10.0 (15.5) Interest paid (1.5) (2.2) (6.2) (7.0) Other 11.8 (30.4) (29.2) (37.2) Cash Flow from continuing Operations $84.5 $32.5 $109.0 $71.0 Less: Capital expenditures (8.0) (11.5) (28.1) (30.0) Free Cash Flow $76.5 $21.0 $80.9 $40.9 Fox River Payments Pension Settlement Strategic Initiatives Cost Optimization Metallized Restructuring HQ Relocation 0.4 0.6 3.5 2.2 (0.5) 6.2 0.4 17.7 1.2 22.9 0.9 (0.2) 3.8 2.6 5.3 1.0 0.6 0.3 1.1 1.2 COVID19 related costs 0.8 2.5 Taxes (Refunds) on adjusting items (20.4) 0.1 (24.1) (0.9) Less: Adjustments to Free Cash Flow (18.0) 18.6 (0.6) 29.0 Adjusted Free Cash Flow $58.5 $39.5 80.3 $70.0 (1) Adjusted EBITDA for all periods presented has been modified to add back share-based compensation consistent with the newly amended credit agreement Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding G#3838 Reconciliation of Non-GAAP measures Adjusted EBITDA from continuing operations. In thousands Q4 2020 Q3 2021 Q4 2021 Composite Fibers Operating Profit $15,041 $5,812 $4,482 Addback: Depreciation & Amortization 6,523 6,904 6,805 Composite Fibers EBITDA $21,564 $12,716 $11,287 Airlaid Materials Operating Profit $9,073 $14,742 $11,875 Addback: Depreciation & Amortization 5,818 7,763 7,723 Airlaid Materials EBITDA $14,891 $22,505 $19,598 Spunlace Operating Profit $- ($1,338) Addback: Depreciation & Amortization 1,693 Spunlace EBITDA $- $- $355 Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding. G#3939 Reconciliation of Non-GAAP measures Net Debt and Leverage Net debt & Leverage In millions Current Portion of Long-Term Debt Short-Term Debt Long-Term Debt Total Debt Less: Cash Net Debt Net Debt Divided by: TTM Adjusted EBITDA Net Leverage (*) December 31 2019 December 31 2020 December 31 2021 $22.9 $25.1 $26.4 22.8 336.9 288.5 738.1 359.9 313.5 787.4 (126.2) (99.6) (138.4) $233.7 $213.9 $648.9 $233.7 $213.9 110.3 125.3 2.1x 1.7x $648.9 140.0 4.6x Notes: (*) TTM Pro forma Adjusted EBITDA as of December 31, 2021, includes $2.0 million of Mount Holly EBITDA for 4.5 months and $18.3 million of Spunlace segment for 10 months not under Glatfelter ownership The above calculation is not intended to be used for purposes of calculating debt covenant compliance. The sum of individual amounts set forth above may not agree to the column totals due to rounding. Adjusted EBITDA for all periods presented has been modified to add back share-based compensation consistent with the newly amended credit agreement (*): Debt covenant compliance ratio of 3.8x includes additional add backs permitted under credit agreement G