MAGN 10-Q report for 2026-03-28

Magnera Corporation (MAGN, NYSE) filed Form 10‑Q for quarter ended March 28, 2026. Quarter net sales $796M vs. $824M year-ago; two-quarter net sales $1,588M vs. $1,526M prior-year. Quarterly net loss $(18)M (loss per share $(0.50)); two-quarter net loss $(52)M (loss per share $(1.45)). Cash and cash equivalents $303M; total assets $3,896M; total long-term debt $1,899M. Common stock outstanding 35.8 million shares (May 7, 2026). Report includes notes on merger (Closing Date Nov 4, 2024), Project CORE restructuring charges, lease and debt disclosures, and forward-looking cautionary statements.

MAGN 10-Q report for 2026-03-28 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 For the quarterly period ended March 28, 2026 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to 9335 Harris Corners Pkwy , Suite 300 Charlotte , North Carolina 28269 (Address of principal executive offices) ( 866 ) 744-7380 (Registrant's telephone number, including area code) Commission file number Exact name of registrant as specified in its charter IRS Employer Identification No. State or other jurisdiction of incorporation or organization 1-03560 Magnera Corporation 23-0628360 Pennsylvania Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock,  $0.01 par value per share MAGN New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐. Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a small reporting 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 ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒ . Common Stock outstanding on May 7, 2026  totaled 35.8 million shares. 1 CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains certain statements that are “forward-looking” statements within the meaning of the federal securities laws and are presented pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.  Such “forward-looking” statements include, but are not limited to, statements with respect to our future financial performance and condition, results of operations and business, our expectations or beliefs concerning future events, plans, objectives, expectations and intentions, and other statements that are not historical facts. These forward-looking statements may contain words such as “believes,” “expects,” “may,” “will,” “should,” “would,” “could,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “projects,” “outlook,” “guidance,” “anticipates” or “looking forward” or similar expressions. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. These forward-looking statements are based upon the current beliefs and expectations of the management of Magnera and are subject to risks and uncertainties that may change at any time.  Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and uncertainties, they include, among others, the following: global economic conditions; inflation; the cost and availability of raw materials and energy; disruption of our supply chain; the adverse impact of weather events on our facilities, inventory and suppliers, as well as adverse effects on our customers, suppliers and other business partners; the effect of competition on our business; our inability to integrate future acquired companies or to realize expected operating synergies; synergies expected to be achieved in connection with our business combination with a subsidiary of Berry Global Group, Inc.; our inability to retain our officers and employees or the occurrence of labor disputes; disruption of our information technology systems, including as a result of a cyber breach; risks associated with operating internationally, including fluctuating exchange rates, tariffs, differing tax laws and regulation; litigation and regulatory investigations; and disputes related to intellectual property used in our business. Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3 Quantitative and Qualitative Disclosures About Market Risks 19 Item 4 Controls and Procedures 19 Part II – Other Information 20 Item 1 Legal Proceedings 20 Item 1A Risk Factors 20 Item 6 Exhibits 21 Signature 22 3 Part I – Financial Information Item 1 – Financial Statements Magnera Corporation Consolidated and Combined Statements of Operations (Unaudited) Quarterly Period Ended Two Quarterly Periods Ended (in millions of dollars, except per share amounts) March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025 Net sales $ 796 $ 824 $ 1,588 $ 1,526 Costs and expenses: Cost of goods sold 701 736 1,396 1,367 Selling, general and administrative 50 47 100 94 Amortization of intangibles 12 14 23 28 Restructuring and other activities 16 23 38 55 Operating income (loss) 17 4 31 ( 18 )  Other (income) expense, net ( 1 )  5 2 26 Interest expense, net 35 39 75 65 Loss before income taxes ( 17 )  ( 40 )  ( 46 )  ( 109 )  Income tax expense (benefit) 1 1 6 ( 8 )  Net loss $ ( 18 )  $ ( 41 )  $ ( 52 )  $ ( 101 )  Net loss per share: Basic and diluted $ ( 0.50 ) $ ( 1.15 ) ( 1.45 )  ( 2.85 )  Consolidated and Combined Statements of Comprehensive Loss (Unaudited) Quarterly Period Ended Two Quarterly Periods Ended (in millions of dollars) March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025 Net loss $ ( 18 )  $ ( 41 )  $ ( 52 )  $ ( 101 )  Other comprehensive income, net of tax: Currency translation gain (loss) 15 25 18 ( 46 )  Other comprehensive income (loss) 15 25 18 ( 46 )  Comprehensive loss $ ( 3 ) $ ( 16 ) ( 34 )  ( 147 )  See notes to Condensed Consolidated and Combined Financial Statements. 4 Magnera Corporation Condensed Consolidated Balance Sheets (in millions of dollars) March 28, 2026 September 27, 2025 Assets (Unaudited) Current assets: Cash and cash equivalents $ 303 $ 305 Accounts receivable 536 522 Finished goods 297 303 Raw materials 175 171 Prepaid expenses and other current assets 96 122 Total current assets 1,407 1,423 Noncurrent assets: Property, plant and equipment 1,424 1,476 Goodwill and intangible assets 870 890 Right-of-use assets 59 62 Other assets 136 138 Total assets $ 3,896 $ 3,989 Liabilities and equity Current liabilities: Accounts payable $ 369 $ 356 Accrued employee costs 81 90 Other current liabilities 155 155 Total current liabilities 605 601 Noncurrent liabilities: Long-term debt 1,899 1,952 Deferred income taxes 52 46 Operating lease liabilities 43 45 Other long-term liabilities 258 281 Total liabilities 2,857 2,925 Equity: Common stock ( 35.8 and 35.6 million shares issued, respectively) 1 1 Additional paid-in capital 1,426 1,417 Retained loss ( 211 )  ( 159 )  Accumulated other comprehensive loss ( 177 )  ( 195 )  Total equity 1,039 1,064 Total liabilities and equity $ 3,896 $ 3,989 See notes to Condensed  Consolidated and Combined Financial Statements. 5 Magnera Corporation Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) Two Quarterly Periods Ended (in millions of dollars) March 28, 2026 March 29, 2025 Cash Flows from Operating Activities: Net loss $ ( 52 )  $ ( 101 )  Adjustments to reconcile net cash from operating activities: Depreciation 77 83 Amortization of intangibles 23 28 Non-cash interest expense 13 8 Deferred income tax — 10 Share-based compensation expense 9 10 Other non-cash operating activities, net 9 37 Changes in working capital, net 20 ( 78 )  Changes in other assets and liabilities ( 10 )  10 Net cash from (used in) operating activities 89 7 Cash Flows from Investing Activities: Additions to property, plant and equipment ( 29 )  ( 39 )  Cash acquired from merger — 37 Settlement of net investment hedges — 22 Net cash from (used in) investing activities ( 29 )  20 Cash Flows from Financing Activities: Proceeds from long-term borrowings — 1,556 Repayments on long-term borrowings ( 63 )  ( 432 )  Transfers from (to) parent, net — 34 Cash distributions to parent — ( 1,111 )  Debt fees and other, net — ( 15 )  Net cash from (used in) financing activities ( 63 )  32 Effect of currency translation on cash 1 ( 7 )  Net change in cash and cash equivalents ( 2 )  52 Cash and cash equivalents at beginning of period 305 230 Cash and cash equivalents at the end of period $ 303 $ 282 See notes to Condensed  Consolidated and Combined Financial Statements. 6 Magnera Corporation Consolidated and Combined Statements of Changes in Equity (Unaudited) Accumulated Other Quarterly Period Ended Common Berry Net Additional Comprehensive Loss - Retained Total (in millions of dollars) Stock Investment Paid-in Capital Currency Translation Loss Equity Balance at December 27, 2025 $ 1 $ — $ 1,422 $ ( 192 )  $ ( 193 )  $ 1,038 Net loss — — — — ( 18 )  ( 18 )  Other comprehensive income — — — 15 — 15 Share-based compensation — — 4 — — 4 Balance at March 28, 2026 $ 1 $ — $ 1,426 $ ( 177 )  $ ( 211 )  $ 1,039 Balance at December 28, 2024 $ 1 $ — $ 1,404 $ ( 239 )  $ ( 60 )  $ 1,106 Net loss — — — — ( 41 )  ( 41 )  Other comprehensive loss — — — 25 — 25 Share-based compensation — — 4 — — 4 Other — — ( 1 )  — — ( 1 )  Balance at March 29, 2025 $ 1 $ — $ 1,407 $ ( 214 )  $ ( 101 )  $ 1,093 Accumulated Other Two Quarterly Periods Ended Common Berry Net Additional Comprehensive Loss - Retained Total (in millions of dollars) Stock Investment Paid-in Capital Currency Translation Loss Equity Balance at September 27, 2025 $ 1 $ — $ 1,417 $ ( 195 )  $ ( 159 )  $ 1,064 Net loss — — — — ( 52 )  ( 52 )  Other comprehensive income — — — 18 — 18 Share-based compensation — — 9 — — 9 Balance at March 28, 2026 $ 1 $ — $ 1,426 $ ( 177 )  $ ( 211 )  $ 1,039 Balance at September 28, 2024 $ — $ 2,307 $ — $ ( 168 )  $ — $ 2,139 Net loss — — — — ( 101 )  ( 101 )  Other comprehensive loss — — — ( 46 )  — ( 46 )  Cash distribution to parent — ( 1,111 )  — — — ( 1,111 )  Transfers from parent, net — 129 — — — 129 Distribution of parent’s net investment 1 ( 1,325 )  1,324 — — — Acquisition — — 74 — — 74 Share-based compensation — — 10 — — 10 Other — — ( 1 )  — — ( 1 )  Balance at March 29, 2025 $ 1 $ — $ 1,407 $ ( 214 )  $ ( 101 )  $ 1,093 See notes to Condensed  Consolidated and Combined Financial Statements. 7 Magnera Corporation Notes to Condensed  Consolidated and Combined Financial Statements (Unaudited) (tables in millions of dollars, except per share data) 1.         Basis of Presentation On November 4, 2024 (the “Closing Date”), Treasure Holdco, Inc., which was a wholly owned subsidiary of Berry Global Group, Inc. (“Berry”), completed its merger (the “merger”) with the Glatfelter Corporation which concurrently changed its name to Magnera Corporation. The Consolidated and Combined Financial Statements contain combined financial statements for the fiscal periods prior to the Closing Date of the merger and were prepared on a stand-alone basis. The pre-merger Combined Financial Statements of Operations, Comprehensive Income (Loss), Cash Flows and Changes in Equity have been prepared on a carve-out basis, which include assumptions underlying the preparation that management believes are reasonable. However, the combined pre-merger financial information included herein may not necessarily reflect the Company’s results of operations, comprehensive income (loss), cash flows and changes in equity had the Company been an independent stand-alone company during the periods presented. The accompanying unaudited Consolidated and Combined Financial Statements of Magnera have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim reporting. In preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts and disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included, and all subsequent events up to the time of the filing have been evaluated. For further information, refer to the Company’s Form 10-K filed with the SEC on November 25, 2025. Recently Issued Accounting Pronouncements In 2023, the Financial Accounting Standards Board ("FASB") issued guidance with the goal of providing more information in the income tax reconciliation table and regarding income taxes paid. This Accounting Standard Update ("ASU") is effective for fiscal years beginning after December 15, 2024, may be applied prospectively or retrospectively, and allows for early adoption. The Company is currently evaluating the impact of adopting this guidance. In 2024, the FASB issued guidance with the goal of providing more expense information for certain categories of expenses that are included in line items on the face of the statements of operations. This ASU is effective for fiscal years beginning after December 15, 2026 and for interim periods beginning after December 15, 2027, and may be adopted on a prospective or retrospective basis, and allows for early adoption. The Company is currently evaluating the impact of adopting this guidance. 2.         Revenue and Accounts Receivable Revenue is recognized when performance obligations are satisfied, in an amount reflecting the consideration to which the Company expects to be entitled.  We consider the promise to transfer products to be our sole performance obligation.  Generally, our revenue is recognized for standard promised goods at the time of shipment, when title and risk of loss pass to the customer.  The Company disaggregates revenue based on reportable business segment, geography, and significant product line. See Note 8. Segment and Geographic Data. The Company records current expected credit losses based on a variety of factors including historical loss experience and current customer financial condition.  The reserve as of each period end and changes to our current expected credit losses, write-off activity, and recoveries were not material for any of the periods presented. The Company participates in customer supply chain financing programs to collect certain receivables through third-party financial institutions. These arrangements qualify as true sales, as the receivables are transferred without recourse. As a result, the balances are removed from trade receivables on the balance sheet, and the cash proceeds are reported as operating cash flows. 8 3.         Restructuring and Other Activities During fiscal year 2025, the Company announced cost savings initiatives including plant rationalizations in all segments as part of the Project CORE restructuring plan. The project is expected to be carried out over the next  two fiscal years , with the operations savings intended to counter general economic softness. The table below sets forth the significant components of the Restructuring and other activities, including supply chain financings activity charges recognized for the periods presented, by reportable segment: Quarterly Period Ended Two Quarterly Periods Ended March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025 Americas $ 13 $ 14 $ 27 $ 34 Rest of World 3 9 11 21 Consolidated $ 16 $ 23 $ 38 $ 55 The table below sets forth the activity with respect to the Restructuring and other activities accrual at March 28, 2026: Restructuring Employee Severance Facility Exit Non-Cash Integration and Benefits Costs Charges and Other Total Balance at September 27, 2025 $ 13 $ — $ — $ 2 $ 15 Charges 11 2 3 22 38 Non-cash items — — ( 3 )  — ( 3 )  Cash payments ( 14 )  ( 2 )  — ( 24 )  ( 40 )  Balance at March 28, 2026 $ 10 $ — $ — $ — $ 10 4.         Leases The Company leases certain manufacturing facilities, warehouses, office space, manufacturing equipment, office equipment, and automobiles. Supplemental lease information is as follows: Leases Classification March 28, 2026 September 27, 2025 Operating leases: Operating lease right-of-use assets Right-of-use asset $ 59 $ 62 Current operating lease liabilities Other current liabilities 17 18 Noncurrent operating lease liabilities Operating lease liabilities 43 45 9 5.         Long-Term Debt     Long-term debt consists of the following: Facility Maturity Date March 28, 2026 September 27, 2025 Term loan November 2031 $ 706 $ 731 Revolving credit facility November 2029 — — 4.75 % First Priority Senior Secured Notes October 2029 500 500 7.25 % First Priority Senior Secured Notes November 2031 763 800 Debt discounts, deferred fees and other ( 70 )  ( 79 )  Total long-term debt $ 1,899 $ 1,952 Despite not having financial maintenance covenants on our Term Loan and secured notes, these agreements do contain certain negative covenants.  The failure to comply with these negative covenants could restrict our ability to incur additional indebtedness, effect acquisitions, enter into certain significant business combinations, make distributions or redeem indebtedness. We are in compliance with all covenants as of March 28, 2026. 6.         Financial Instruments and Fair Value Measurements In the normal course of business, the Company is exposed to certain risks arising from business ope Item 1A Risk Factors 20 Item 6 Exhibits 21 Signature 22 3 Part I – Financial Information Item 1 – Financial Statements Magnera Corporation Consolidated and Combined Statements of Operations (Unaudited) Quarterly Period Ended Two Quarterly Periods Ended (in millions of dollars, except per share amounts) March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025 Net sales $ 796 $ 824 $ 1,588 $ 1,526 Costs and expenses: Cost of goods sold 701 736 1,396 1,367 Selling, general and administrative 50 47 100 94 Amortization of intangibles 12 14 23 28 Restructuring and other activities 16 23 38 55 Operating income (loss) 17 4 31 ( 18 )  Other (income) expense, net ( 1 )  5 2 26 Interest expense, net 35 39 75 65 Loss before income taxes ( 17 )  ( 40 )  ( 46 )  ( 109 )  Income tax expense (benefit) 1 1 6 ( 8 )  Net loss $ ( 18 )  $ ( 41 )  $ ( 52 )  $ ( 101 )  Net loss per share: Basic and diluted $ ( 0.50 ) $ ( 1.15 ) ( 1.45 )  ( 2.85 )  Consolidated and Combined Statements of Comprehensive Loss (Unaudited) Quarterly Period Ended Two Quarterly Periods Ended (in millions of dollars) March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025 Net loss $ ( 18 )  $ ( 41 )  $ ( 52 )  $ ( 101 )  Other comprehensive income, net of tax: Currency translation gain (loss) 15 25 18 ( 46 )  Other comprehensive income (loss) 15 25 18 ( 46 )  Comprehensive loss $ ( 3 ) $ ( 16 ) ( 34 )  ( 147 )  See notes to Condensed Consolidated and Combined Financial Statements. 4 Magnera Corporation Condensed Consolidated Balance Sheets (in millions of dollars) March 28, 2026 September 27, 2025 Assets (Unaudited) Current assets: Cash and cash equivalents $ 303 $ 305 Accounts receivable 536 522 Finished goods 297 303 Raw materials 175 171 Prepaid expenses and other current assets 96 122 Total current assets 1,407 1,423 Noncurrent assets: Property, plant and equipment 1,424 1,476 Goodwill and intangible assets 870 890 Right-of-use assets 59 62 Other assets 136 138 Total assets $ 3,896 $ 3,989 Liabilities and equity Current liabilities: Accounts payable $ 369 $ 356 Accrued employee costs 81 90 Other current liabilities 155 155 Total current liabilities 605 601 Noncurrent liabilities: Long-term debt 1,899 1,952 Deferred income taxes 52 46 Operating lease liabilities 43 45 Other long-term liabilities 258 281 Total liabilities 2,857 2,925 Equity: Common stock ( 35.8 and 35.6 million shares issued, respectively) 1 1 Additional paid-in capital 1,426 1,417 Retained loss ( 211 )  ( 159 )  Accumulated other comprehensive loss ( 177 )  ( 195 )  Total equity 1,039 1,064 Total liabilities and equity $ 3,896 $ 3,989 See notes to Condensed  Consolidated and Combined Financial Statements. 5 Magnera Corporation Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) Two Quarterly Periods Ended (in millions of dollars) March 28, 2026 March 29, 2025 Cash Flows from Operating Activities: Net loss $ ( 52 )  $ ( 101 )  Adjustments to reconcile net cash from operating activities: Depreciation 77 83 Amortization of intangibles 23 28 Non-cash interest expense 13 8 Deferred income tax — 10 Share-based compensation expense 9 10 Other non-cash operating activities, net 9 37 Changes in working capital, net 20 ( 78 )  Changes in other assets and liabilities ( 10 )  10 Net cash from (used in) operating activities 89 7 Cash Flows from Investing Activities: Additions to property, plant and equipment ( 29 )  ( 39 )  Cash acquired from merger — 37 Settlement of net investment hedges — 22 Net cash from (used in) investing activities ( 29 )  20 Cash Flows from Financing Activities: Proceeds from long-term borrowings — 1,556 Repayments on long-term borrowings ( 63 )  ( 432 )  Transfers from (to) parent, net — 34 Cash distributions to parent — ( 1,111 )  Debt fees and other, net — ( 15 )  Net cash from (used in) financing activities ( 63 )  32 Effect of currency translation on cash 1 ( 7 )  Net change in cash and cash equivalents ( 2 )  52 Cash and cash equivalents at beginning of period 305 230 Cash and cash equivalents at the end of period $ 303 $ 282 See notes to Condensed  Consolidated and Combined Financial Statements. 6 Magnera Corporation Consolidated and Combined Statements of Changes in Equity (Unaudited) Accumulated Other Quarterly Period Ended Common Berry Net Additional Comprehensive Loss - Retained Total (in millions of dollars) Stock Investment Paid-in Capital Currency Translation Loss Equity Balance at December 27, 2025 $ 1 $ — $ 1,422 $ ( 192 )  $ ( 193 )  $ 1,038 Net loss — — — — ( 18 )  ( 18 )  Other comprehensive income — — — 15 — 15 Share-based compensation — — 4 — — 4 Balance at March 28, 2026 $ 1 $ — $ 1,426 $ ( 177 )  $ ( 211 )  $ 1,039 Balance at December 28, 2024 $ 1 $ — $ 1,404 $ ( 239 )  $ ( 60 )  $ 1,106 Net loss — — — — ( 41 )  ( 41 )  Other comprehensive loss — — — 25 — 25 Share-based compensation — — 4 — — 4 Other — — ( 1 )  — — ( 1 )  Balance at March 29, 2025 $ 1 $ — $ 1,407 $ ( 214 )  $ ( 101 )  $ 1,093 Accumulated Other Two Quarterly Periods Ended Common Berry Net Additional Comprehensive Loss - Retained Total (in millions of dollars) Stock Investment Paid-in Capital Currency Translation Loss Equity Balance at September 27, 2025 $ 1 $ — $ 1,417 $ ( 195 )  $ ( 159 )  $ 1,064 Net loss — — — — ( 52 )  ( 52 )  Other comprehensive income — — — 18 — 18 Share-based compensation — — 9 — — 9 Balance at March 28, 2026 $ 1 $ — $ 1,426 $ ( 177 )  $ ( 211 )  $ 1,039 Balance at September 28, 2024 $ — $ 2,307 $ — $ ( 168 )  $ — $ 2,139 Net loss — — — — ( 101 )  ( 101 )  Other comprehensive loss — — — ( 46 )  — ( 46 )  Cash distribution to parent — ( 1,111 )  — — — ( 1,111 )  Transfers from parent, net — 129 — — — 129 Distribution of parent’s net investment 1 ( 1,325 )  1,324 — — — Acquisition — — 74 — — 74 Share-based compensation — — 10 — — 10 Other — — ( 1 )  — — ( 1 )  Balance at March 29, 2025 $ 1 $ — $ 1,407 $ ( 214 )  $ ( 101 )  $ 1,093 See notes to Condensed  Consolidated and Combined Financial Statements. 7 Magnera Corporation Notes to Condensed  Consolidated and Combined Financial Statements (Unaudited) (tables in millions of dollars, except per share data) 1.         Basis of Presentation On November 4, 2024 (the “Closing Date”), Treasure Holdco, Inc., which was a wholly owned subsidiary of Berry Global Group, Inc. (“Berry”), completed its merger (the “merger”) with the Glatfelter Corporation which concurrently changed its name to Magnera Corporation. The Consolidated and Combined Financial Statements contain combined financial statements for the fiscal periods prior to the Closing Date of the merger and were prepared on a stand-alone basis. The pre-merger Combined Financial Statements of Operations, Comprehensive Income (Loss), Cash Flows and Changes in Equity have been prepared on a carve-out basis, which include assumptions underlying the preparation that management believes are reasonable. However, the combined pre-merger financial information included herein may not necessarily reflect the Company’s results of operations, comprehensive income (loss), cash flows and changes in equity had the Company been an independent stand-alone company during the periods presented. The accompanying unaudited Consolidated and Combined Financial Statements of Magnera have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim reporting. In pre results of operations and business, our expectations or beliefs concerning future events, plans, objectives, expectations and intentions, and other statements that are not historical facts. These statements may contain words such as “believes,” “expects,” “may,” “will,” “should,” “would,” “could,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “projects,” “outlook,” “guidance,” “anticipates” or “looking forward” or similar expressions. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. These forward-looking statements are based upon the current beliefs and expectations of the management of Magnera and are subject to risks and uncertainties that may change at any time.  Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and uncertainties, they include, among others, the following: global economic conditions; inflation; the cost and availability of raw materials and energy; disruption of our supply chain; the adverse impact of weather events on our facilities, inventory and suppliers, as well as adverse effects on our customers, suppliers and other business partners; the effect of competition on our business; our inability to integrate future acquired companies or to realize expected operating synergies; synergies expected to be achieved in connection with our business combination with a subsidiary of Berry Global Group, Inc.; our inability to retain our officers and employees or the occurrence of labor disputes; disruption of our information technology systems, including as a result of a cyber breach; risks associated with operating internationally, including fluctuating exchange rates, tariffs, differing tax laws and regulation; litigation and regulatory investigations; and disputes related to intellectual property used in our business. Additional information regarding these risks and uncertainties and other risks applicable to our business are described in additional detail in our reports filed with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the fiscal year ended September 27, 2025, and other filings that we make with the SEC. These risk factors may not contain all of the material factors that are important to you. New factors may emerge from time to time, and it is not possible to either predict new factors or assess the potential effect of any such new factors. Accordingly, readers should not place undue reliance on those statements. All forward-looking statements are made 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.  2 Magnera Corporation Form 10-Q Index For the Quarterly Period Ended March 28, 2026 Part I - Financial Information Page Item 1 Financial Statements 4 Consolidated and Combined Statements of Operations and Comprehensive Loss Condensed and Consolidated Balance Sheets 5 Condensed Consolidated and Combined Statements of Cash Flows 6 Consolidated and Combined Statements of Changes in Equity 7 Notes to Condensed Consolidated and Combined Financial Statements 8 Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3 Quantitative and Qualitative Disclosures About Market Risks 19 Item 4 Controls and Procedures 19 Part II – Other Information 20 Item 1 Legal Proceedings 20 Item 1A Risk Factors 20 Item 6 Exhibits 21 Signature 22 3 Part I – Financial Information Item 1 – Financial Statements Magnera Corporation Consolidated and Combined Statements of Operations (Unaudited) Quarterly Period Ended Two Quarterly Periods Ended (in millions of dollars, except per share amounts) March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025 Net sales $ 796 $ 824 $ 1,588 $ 1,526 Costs and expenses: Cost of goods sold 701 736 1,396 1,367 Selling, general and administrative 50 47 100 94 Amortization of intangibles 12 14 23 28 Restructuring and other activities 16 23 38 55 Operating income (loss) 17 4 31 ( 18 )  Other (income) expense, net ( 1 )  5 2 26 Interest expense, net 35 39 75 65 Loss before income taxes ( 17 )  ( 40 )  ( 46 )  ( 109 )  Income tax expense (benefit) 1 1 6 ( 8 )  Net loss $ ( 18 )  $ ( 41 )  $ ( 52 )  $ ( 101 )  Net loss per share: Basic and diluted $ ( 0.50 ) $ ( 1.15 ) ( 1.45 )  ( 2.85 )  Consolidated and Combined Statements of Comprehensive Loss (Unaudited) Quarterly Period Ended Two Quarterly Periods Ended (in millions of dollars) March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025 Net loss $( 18 ) $( 41 ) $( 52 ) $( 101 ) Other comprehensive income, net of tax: Currency translation gain (loss) 15 25 18 ( 46 )  Other comprehensive income (loss) 15 25 18 ( 46 )  Comprehensive loss $( 3 ) $( 16 ) $( 34 ) $( 147 ) See notes to Condensed Consolidated and Combined Financial Statements.

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