Glatfelter's Strategic Transformation
14
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 %
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