|  |  |  |
|--|--|--|
|  |

|  |  |  |
|--|--|--|
|  |

|         |                                                                                         |  |  |  |  |
|---------|-----------------------------------------------------------------------------------------|--|--|--|--|
| ☒ | Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |

|         |                                                                                          |  |  |  |  |
|---------|------------------------------------------------------------------------------------------|--|--|--|--|
| ☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |

|  |  |  |
|--|--|--|
|  |

|  |  |  |
|--|--|--|
|  |

|        |                       |        |                                                     |        |                                |        |                                                              |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------|-----------------------|--------|-----------------------------------------------------|--------|--------------------------------|--------|--------------------------------------------------------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|   | Commission filenumber |   | Exact name of registrant asspecified in its charter |   | IRS EmployerIdentification No. |   | State or other jurisdiction of incorporation or organization |   |
|   | 1-03560               |   | Glatfelter Corporation                              |   | 23-0628360                     |   | Pennsylvania                                                 |   |

|                     |        |                   |        |                                           |  |  |  |  |  |  |  |  |  |  |
|---------------------|--------|-------------------|--------|-------------------------------------------|--|--|--|--|--|--|--|--|--|--|
| Title of each class |   | Trading Symbol(s) |   | Name of each exchange on which registered |
| Common Stock        |   | GLT               |   | New York Stock Exchange                   |

|  |  |  |
|--|--|--|
|  |

|                                                                                                                                                                                                                                                                   |         |                         |                           |         |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|-------------------------|---------------------------|---------|--|--|--|--|--|--|--|--|--|--|--|--|--|
| 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.  | ☐ |

|  |  |  |
|--|--|--|
|  |

----

|                                      |                                                                                                                          |                                                          |         |    |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------|--------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------|---------|----|--|--|--|--|--|--|--|--|--|--|
|  PART I - FINANCIAL INFORMATION |                                                                                                                          | Page                                                     |
| Item 1                               | Financial Statements                                                                                                     |                                                          |  2 |
|                                 | Condensed Consolidated Statements of Income for the three months ended March 31, 2022 and 2021 (unaudited)               |                                                          | 2       |
|                                 | Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2022 and 2021 (unaudited) |                                                          | 3       |
|                                 | Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 (unaudited)                   |                                                          | 4       |
|                                 | Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited)           |                                                          | 5       |
|                                 | Statements of Shareholders’ Equity for the three months ended March 31, 2022 and 2021 (unaudited)                  |                                                          | 6       |
|                                 | Notes to Condensed Consolidated Financial Statements (unaudited)                                                         |                                                          | 7       |
|                                 | 1                                                                                                                        | Organization                                             |         | 7  |
|                                 | 2                                                                                                                        | Accounting Policies                                      |         | 7  |
|                                 | 3                                                                                                                        | Acquisition                                              |         | 7  |
|                                 | 4                                                                                                                        | Revenue                                                  |         | 9  |
|                                 | 5                                                                                                                        | Gains on Disposition of Plant, Equipment and Timberlands |         | 9  |
|                                      | 6                                                                                                                        | Goodwill and Other Asset Impairment                      |         | 10 |
|                                 | 7                                                                                                                        | Discontinued Operations                                  |         | 11 |
|                                 | 8                                                                                                                        | Earnings Per Share                                       |         | 11 |
|                                 | 9                                                                                                                        | Accumulated Other Comprehensive Income                   |         | 12 |
|                                 | 10                                                                                                                       | Stock-based Compensation                                 |         | 14 |
|                                 | 11                                                                                                                       | Retirement Plans and Other Post-Retirement Benefits      |         | 15 |
|                                 | 12                                                                                                                       | Income Taxes                                             |         | 15 |
|                                 | 13                                                                                                                       | Inventories                                              |         | 16 |
|                                 | 14                                                                                                                       | Goodwill and Other Intangible Assets                     |         | 17 |
|                                 | 15                                                                                                                       | Leases                                                   |         | 18 |
|                                 | 16                                                                                                                       | Long-term Debt                                           |         | 19 |
|                                 | 17                                                                                                                       | Fair Value of Financial Instruments                      |         | 20 |
|                                 | 18                                                                                                                       | Financial Derivatives and Hedging Activities             |         | 20 |
|                                 | 19                                                                                                                       | Commitments, Contingencies and Legal Proceedings         |         | 23 |
|                                 | 20                                                                                                                       | Segment Information                                      |         | 24 |
|                                      | 21                                                                                                                       | Subsequent Event                                         |         | 25 |
| Item 2                               | Management’s Discussion and Analysis of Financial Condition and Results of Operations                              |                                                          | 26      |
| Item 3                               | Quantitative and Qualitative Disclosures About Market Risks                                                              |                                                          | 35      |
| Item 4                               | Controls and Procedures                                                                                                  |                                                          | 35      |
| PART II – OTHER INFORMATION    |                                                                                                                          | 36                                                       |
| Item 1A                              | Risk Factors                                                                                                             |                                                          | 36      |
| Item 6                               | Exhibits                                                                                                                 |                                                          | 37      |
|                                 | SIGNATURES                                                                                                               |                                                          | 38      |

----

|                                                                |  |  |                              |  |               |               |        |               |   |               |  |  |  |  |  |  |  |
|----------------------------------------------------------------|--|--|------------------------------|--|---------------|---------------|--------|---------------|---|---------------|--|--|--|--|--|--|--|
|                                                           |  |  | Three months ended March 31, |
| In thousands, except per share                                 |  |  |                              |  | 2022          |               | 2021   |
|                                                           |  |  |                              |  |          |               |   |
| Net sales                                                      |  |  |                              |  | $             | 381,680  |        |               | $ | 225,674  |  |
| Costs of products sold                                         |  |  |                              |  | 350,015  |               |        | 186,378  |   |
| Gross profit                                                   |  |  |                              |  | 31,665   |               |        | 39,296   |   |
| Selling, general and administrative expenses                   |  |  |                              |  | 33,166   |               |        | 22,827   |   |
| Goodwill and other asset impairment charges                    |  |  |                              |  | 117,349  |               |        | —  |   |
| Gains on dispositions of plant, equipment and timberlands, net |  |  |                              |  | (2,961)       |               |        | (850)         |   |
| Operating income (loss)                                        |  |  |                              |  | (115,889)     |               |        | 17,319   |   |
| Non-operating income (expense)                                 |  |  |                              |  |               |               |        |
| Interest expense                                               |  |  |                              |  | (7,862)       |               |        | (1,531)       |   |
| Interest income                                                |  |  |                              |  | 17       |               |        | 20       |   |
|                                                                |  |  |                              |  |               |               |        |
| Other, net                                                     |  |  |                              |  | (1,340)       |               |        | (224)         |   |
| Total non-operating expense                                    |  |  |                              |  | (9,185)       |               |        | (1,735)       |   |
| Income (loss) from continuing operations before income taxes   |  |  |                              |  | (125,074)     |               |        | 15,584   |   |
| Income tax provision (benefit)                                 |  |  |                              |  | (16,784)      |               |        | 7,190    |   |
| Income (loss) from continuing operations                       |  |  |                              |  | (108,290)     |               |        | 8,394    |   |
|                                                           |  |  |                              |  |               |               |        |
| Discontinued operations:                                   |  |  |                              |  |               |               |        |
| Loss before income taxes                                       |  |  |                              |  | (37)          |               |        | —  |   |
| Income tax provision                                           |  |  |                              |  | —  |               |        | —  |   |
| Loss from discontinued operations                              |  |  |                              |  | (37)          |               |        | —  |   |
| Net income (loss)                                              |  |  |                              |  | $             | (108,327)     |        |               | $ | 8,394    |  |
|                                                           |  |  |                              |  |               |               |        |
| Basic earnings per share                                       |  |  |                              |  |               |               |        |
| Income from continuing operations                              |  |  |                              |  | $             | (2.42)        |        |               | $ | 0.19     |  |
| Loss from discontinued operations                              |  |  |                              |  | —  |               |        | —  |   |
| Basic earnings per share                                       |  |  |                              |  | $             | (2.42)        |        |               | $ | 0.19     |  |
|                                                           |  |  |                              |  |               |               |        |
| Diluted earnings per share                                     |  |  |                              |  |               |               |        |
| Income from continuing operations                              |  |  |                              |  | $             | (2.42)        |        |               | $ | 0.19     |  |
| Loss from discontinued operations                              |  |  |                              |  | —  |               |        | —  |   |
| Diluted earnings per share                                     |  |  |                              |  | $             | (2.42)        |        |               | $ | 0.19     |  |
|                                                           |  |  |                              |  |               |               |        |
| Weighted average shares outstanding                            |  |  |                              |  |               |               |        |
| Basic                                                          |  |  |                              |  | 44,709        |               | 44,450 |
| Diluted                                                        |  |  |                              |  | 44,709        |               | 44,869 |

----

|                                                                                                |  |  |                              |  |           |           |      |             |   |             |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------------------|--|--|------------------------------|--|-----------|-----------|------|-------------|---|-------------|--|--|--|--|--|--|--|
|                                                                                           |  |  | Three months ended March 31, |
| In thousands                                                                                   |  |  |                              |  | 2022      |           | 2021 |
| Net income (loss)                                                                              |  |  |                              |  | $         | (108,327) |      |             | $ | 8,394  |  |
|                                                                                                |  |  |                              |  |           |           |      |
| Foreign currency translation adjustments                                                       |  |  |                              |  | (10,915)  |           |      | (13,193)    |   |
| Net change in:                                                                             |  |  |                              |  |           |           |      |
| Deferred gains (losses) on derivatives, net of taxes of $(600) and $(1,301), respectively |  |  |                              |  | (357)     |           |      | 3,261  |   |
| Unrecognized retirement obligations, net of taxes of $(160) and $(73), respectively       |  |  |                              |  | 152  |           |      | 92     |   |
| Other comprehensive loss                                                                       |  |  |                              |  | (11,120)  |           |      | (9,840)     |   |
| Comprehensive loss                                                                             |  |  |                              |  | $         | (119,447) |      |             | $ | (1,446)     |  |

----

|                                                  |                 |                 |                  |                 |   |                 |  |  |  |  |  |
|--------------------------------------------------|-----------------|-----------------|------------------|-----------------|---|-----------------|--|--|--|--|--|
| In thousands                                     | March 31,2022   |                 | December 31,2021 |
| Assets                                           |            |                 |             |
| Cash and cash equivalents                        | $               | 80,452     |                  |                 | $ | 138,436    |  |
| Accounts receivable, net                         | 221,228    |                 |                  | 170,212    |   |
| Inventories                                      | 292,096    |                 |                  | 279,520    |   |
| Prepaid expenses and other current assets        | 55,069     |                 |                  | 48,398     |   |
| Total current assets                             | 648,845    |                 |                  | 636,566    |   |
|                                             |                 |                 |                  |
| Plant, equipment and timberlands, net            | 716,567    |                 |                  | 758,812    |   |
| Goodwill                                         | 177,063    |                 |                  | 236,165    |   |
| Intangible assets, net                           | 116,722    |                 |                  | 156,304    |   |
| Other assets                                     | 89,841     |                 |                  | 92,760     |   |
| Total assets                                     | $               | 1,749,038  |                  |                 | $ | 1,880,607  |  |
|                                             |                 |                 |                  |
| Liabilities and Shareholders' Equity             |                 |                 |                  |
| Current portion of long-term debt                | $               | 25,516     |                  |                 | $ | 26,437     |  |
| Short-term debt                                  | 25,448     |                 |                  | 22,843     |   |
| Accounts payable                                 | 210,514    |                 |                  | 214,015    |   |
| Dividends payable                                | 6,261      |                 |                  | 6,237      |   |
| Environmental liabilities                        | 2,400      |                 |                  | 2,200      |   |
| Other current liabilities                        | 98,044     |                 |                  | 99,438     |   |
| Total current liabilities                        | 368,183    |                 |                  | 371,170    |   |
|                                             |                 |                 |                  |
| Long-term debt                                   | 758,263    |                 |                  | 738,075    |   |
| Deferred income taxes                            | 64,925     |                 |                  | 87,285     |   |
| Other long-term liabilities                      | 140,934    |                 |                  | 141,315    |   |
| Total liabilities                                | 1,332,305  |                 |                  | 1,337,845  |   |
|                                             |                 |                 |                  |
| Commitments and contingencies                    | —    |                 |                  | —    |   |
|                                             |                 |                 |                  |
| Shareholders’ equity                       |                 |                 |                  |
| Common stock                                     | 544        |                 |                  | 544        |   |
| Capital in excess of par value                   | 61,873     |                 |                  | 64,779     |   |
| Retained earnings                                | 591,012    |                 |                  | 705,600    |   |
| Accumulated other comprehensive loss             | (91,424)        |                 |                  | (80,304)        |   |
|                                             | 562,005    |                 |                  | 690,619    |   |
| Less cost of common stock in treasury            | (145,272)       |                 |                  | (147,857)       |   |
| Total shareholders’ equity                 | 416,733    |                 |                  | 542,762    |   |
| Total liabilities and shareholders’ equity | $               | 1,749,038  |                  |                 | $ | 1,880,607  |  |

----

|                                                                                     |                              |              |        |               |   |              |  |  |  |  |  |
|-------------------------------------------------------------------------------------|------------------------------|--------------|--------|---------------|---|--------------|--|--|--|--|--|
|                                                                                | Three months ended March 31, |
| In thousands                                                                        | 2022                         |              | 2021   |
| Operating activities                                                                |                         |              |   |
| Net income (loss)                                                                   | $                            | (108,327)    |        |               | $ | 8,394   |  |
| Loss from discontinued operations, net of taxes                                     | 37                      |              |        | —  |   |
| Adjustments to reconcile to net cash provided by continuing operations:         |                              |              |        |
| Depreciation, depletion and amortization                                            | 18,484                  |              |        | 13,733   |   |
| Amortization of debt issue costs and original issue discount                        | 452                     |              |        | 153      |   |
|                                                                                     |                              |              |        |
| Goodwill and other asset impairment charges                                         | 117,349                 |              |        | —  |   |
| Inventory and accounts receivable charges                                           | 3,948                   |              |        | —  |   |
| Deferred income tax benefit                                                         | (21,227)                     |              |        | (410)         |   |
| Gains on dispositions of plant, equipment and timberlands, net                      | (2,961)                      |              |        | (850)         |   |
| Share-based compensation                                                            | 909                     |              |        | 1,208    |   |
| Change in operating assets and liabilities:                                     |                              |              |        |
| Accounts receivable                                                                 | (53,318)                     |              |        | (7,002)       |   |
| Inventories                                                                         | (17,699)                     |              |        | (13,248)      |   |
| Prepaid and other current assets                                                    | (5,946)                      |              |        | 167      |   |
| Accounts payable                                                                    | 1,776                   |              |        | (7,460)       |   |
| Accruals and other current liabilities                                              | 949                     |              |        | (3,447)       |   |
| Other                                                                               | (666)                        |              |        | 2,716    |   |
| Net cash used by operating activities from continuing operations                    | (66,240)                     |              |        | (6,046)       |   |
| Investing activities                                                                |                              |              |        |
| Expenditures for purchases of plant, equipment and timberlands                      | (12,349)                     |              |        | (5,379)       |   |
| Proceeds from disposals of plant, equipment and timberlands, net                    | 3,160                   |              |        | 876      |   |
| Acquisition, net of cash acquired                                                   | 1,413                   |              |        | —  |   |
| Other                                                                               | (25)                         |              |        | (100)         |   |
| Net cash used by investing activities from continuing operations                    | (7,801)                      |              |        | (4,603)       |   |
| Financing activities                                                                |                              |              |        |
|                                                                                     |                              |              |        |
| Proceeds from term loans                                                            | —                 |              |        | 11,725   |   |
| Repayment of term loans                                                             | (6,712)                      |              |        | (6,136)       |   |
|                                                                                     |                              |              |        |
| Net borrowings under revolving credit facility                                      | 31,019                  |              |        | 1,151    |   |
| Payments of borrowing costs                                                         | (559)                        |              |        | (35)          |   |
| Payments of dividends                                                               | (6,237)                      |              |        | (5,990)       |   |
|                                                                                     |                              |              |        |
| Payments related to share-based compensation awards and other                       | (1,230)                      |              |        | (536)         |   |
| Net cash provided by financing activities from continuing operations                | 16,281                  |              |        | 179      |   |
| Effect of exchange rate changes on cash                                             | (748)                        |              |        | (2,213)       |   |
| Net decrease in cash, cash equivalents and restricted cash                          | (58,508)                     |              |        | (12,683)      |   |
| Decrease in cash, cash equivalents and restricted cash from discontinued operations | (108)                        |              |        | (78)          |   |
| Cash, cash equivalents and restricted cash at the beginning of period               | 148,814                 |              |        | 111,665  |   |
| Cash, cash equivalents and restricted cash at the end of period                     | 90,198                  |              |        | 98,904   |   |
| Less: restricted cash in Prepaid expenses and other current assets              | (2,000)                      |              |        | (2,000)       |   |
| Less: restricted cash in Other assets                                           | (7,746)                      |              |        | (9,538)       |   |
| Cash and cash equivalents at the end of period                                      | $                            | 80,452  |        |               | $ | 87,366  |  |
|                                                                                |                              |              |        |
| Supplemental cash flow information                                                  |                              |              |        |
| Cash paid for:                                                                  |                              |              |        |
| Interest                                                                            | $                            | 1,494   |        |               | $ | 1,408   |  |
| Income taxes, net                                                                   | 8,245                   |              |        | 3,493    |   |

----

|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |             |         |          |  |  |   |           |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------|-------------|-----------|------------------------------|--|------------------|--------------|-----------------------------------|--|---------------|---------------|--------------------------------|-------------|---------|----------|--|--|---|-----------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
| In thousands                              | Commonstock |           | Capital inExcess ofPar Value |  | RetainedEarnings |              | AccumulatedOtherComprehensiveLoss |  | TreasuryStock |               | TotalShareholders’Equity |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
| Balance at January 1, 2022                | $           | 544  |                              |  | $                | 64,779  |                                   |  | $             | 705,600  |                                |             | $       | (80,304) |  |  | $ | (147,857) |  |  | $ | 542,762  |  |
| Net loss                                  |             |           |                              |  | (108,327)        |              |                                   |  |               |               |                                | (108,327)   |         |
| Other comprehensive loss                  |             |           |                              |  |                  |              | (11,120)                          |  |               |               |                                | (11,120)    |         |
| Comprehensive loss                        |             |           |                              |  |                  |              |                                   |  |               |               | (119,447)                      |             |
| Cash dividends declared ($0.14 per share) |             |           |                              |  | (6,261)          |              |                                   |  |               |               |                                | (6,261)     |         |
| Share-based compensation expense          |             |           | 909                     |  |                  |              |                                   |  |               |               |                                | 909    |         |
| Delivery of treasury shares               |             |           |                              |  |                  |              |                                   |  |               |               |                                |
| RSUs and PSAs                             |             |           | (3,815)                      |  |                  |              |                                   |  |               | 2,585    |                                |             | (1,230) |          |
| Balance at March 31, 2022            | $           | 544  |                              |  | $                | 61,873  |                                   |  | $             | 591,012  |                                |             | $       | (91,424) |  |  | $ | (145,272) |  |  | $ | 416,733  |  |
|                                      |             |           |                              |  |                  |              |                                   |  |               |               |                                |
| Balance at January 1, 2021                | $           | 544  |                              |  | $                | 63,261  |                                   |  | $             | 723,365  |                                |             | $       | (58,653) |  |  | $ | (150,585) |  |  | $ | 577,932  |  |
| Net income                                |             |           |                              |  | 8,394       |              |                                   |  |               |               |                                | 8,394  |         |
| Other comprehensive loss                  |             |           |                              |  |                  |              | (9,840)                           |  |               |               |                                | (9,840)     |         |
| Comprehensive loss                        |             |           |                              |  |                  |              |                                   |  |               |               | (1,446)                        |             |
| Cash dividends declared $0.135 per share) |             |           |                              |  | (6,003)          |              |                                   |  |               |               |                                | (6,003)     |         |
| Share-based compensation expense          |             |           | 1,208                   |  |                  |              |                                   |  |               |               |                                | 1,208  |         |
| Delivery of treasury shares               |             |           |                              |  |                  |              |                                   |  |               |               |                                |
| RSUs and PSAs                             |             |           | (1,893)                      |  |                  |              |                                   |  |               | 1,263    |                                |             | (630)   |          |
|                                           |             |           |                              |  |                  |              |                                   |  |               |               |                                |
| Balance at March 31, 2021            | $           | 544  |                              |  | $                | 62,576  |                                   |  | $             | 725,756  |                                |             | $       | (68,493) |  |  | $ | (149,322) |  |  | $ | 571,061  |  |

----

----

|                  |  |  |                              |              |  |  |  |  |  |
|------------------|--|--|------------------------------|--------------|--|--|--|--|--|
|                  |  |  | Three months ended March 31, |
| In thousands     |  |  | 2022                         |
| Mount Holly      |  |  |                         |
| Net sales        |  |  | $                            | 27,304  |  |
| Operating income |  |  | 2,723                   |              |
| Jacob Holm       |  |  |                              |
| Net sales        |  |  | 96,387                  |              |
| Operating loss   |  |  | (1,572)                      |              |

|                                |   |  |  |  |                              |               |  |  |  |  |  |  |  |  |  |
|--------------------------------|---|--|--|--|------------------------------|---------------|--|--|--|--|--|--|--|--|--|
| (unaudited)                    |   |  |  |  | Three months ended March 31, |
| In thousands, except per share | 0 |  |  |  | 2021                         |
| Pro forma                      |   |  |  |  |                         |
| Net sales                      |   |  |  |  | $                            | 342,553  |  |
| Operating income               |   |  |  |  | 23,438                  |               |

----

|                                |  |  |                              |  |               |               |        |               |   |               |  |  |  |  |  |  |  |
|--------------------------------|--|--|------------------------------|--|---------------|---------------|--------|---------------|---|---------------|--|--|--|--|--|--|--|
|                           |  |  | Three months ended March 31, |
| In thousands                   |  |  |                              |  | 2022          |               | 2021   |
| Revenue by product category    |  |  |                              |  |          |               |   |
| Composite Fibers               |  |  |                              |  |               |               |        |
| Food & beverage            |  |  |                              |  | $             | 75,223   |        |               | $ | 76,953   |  |
| Wallcovering                   |  |  |                              |  | 15,831   |               |        | 22,629   |   |
| Technical specialties          |  |  |                              |  | 23,136   |               |        | 23,495   |   |
| Composite laminates            |  |  |                              |  | 11,297   |               |        | 9,809    |   |
| Metallized                     |  |  |                              |  | 10,342   |               |        | 8,363    |   |
|                                |  |  |                              |  |               |               |        |
|                                |  |  |                              |  | 135,829  |               |        | 141,249  |   |
| Airlaid Materials              |  |  |                              |  |               |               |        |
| Feminine hygiene               |  |  |                              |  | 59,312   |               |        | 47,641   |   |
| Specialty wipes                |  |  |                              |  | 37,095   |               |        | 15,916   |   |
| Tabletop                       |  |  |                              |  | 30,747   |               |        | 6,863    |   |
| Food pads                      |  |  |                              |  | 3,476    |               |        | 2,357    |   |
| Home care                      |  |  |                              |  | 6,285    |               |        | 3,923    |   |
| Adult incontinence             |  |  |                              |  | 6,729    |               |        | 4,678    |   |
| Other                          |  |  |                              |  | 5,820    |               |        | 3,047    |   |
|                                |  |  |                              |  | 149,464  |               |        | 84,425   |   |
| Spunlace                       |  |  |                              |  |               |               |        |
| Consumer wipes                 |  |  |                              |  | 46,157   |               |        | —  |   |
| Critical cleaning              |  |  |                              |  | 24,278   |               |        | —  |   |
| Health care                    |  |  |                              |  | 13,605   |               |        | —  |   |
| Hygiene                        |  |  |                              |  | 5,913    |               |        | —  |   |
| High performance               |  |  |                              |  | 4,112    |               |        | —  |   |
| Beauty care                    |  |  |                              |  | 2,322    |               |        | —  |   |
|                                |  |  |                              |  |               |               |        |
|                                |  |  |                              |  | 96,387   |               |        | —  |   |
| Total                          |  |  |                              |  | $             | 381,680  |        |               | $ | 225,674  |  |
|                                |  |  |                              |  |               |               |        |
| Revenue by geography           |  |  |                              |  |               |               |        |
| Composite Fibers               |  |  |                              |  |               |               |        |
| Europe, Middle East and Africa |  |  |                              |  | $             | 73,604   |        |               | $ | 86,945   |  |
| Americas                       |  |  |                              |  | 37,976   |               |        | 31,841   |   |
| Asia Pacific                   |  |  |                              |  | 24,249   |               |        | 22,463   |   |
|                                |  |  |                              |  | 135,829  |               |        | 141,249  |   |
| Airlaid Materials              |  |  |                              |  |               |               |        |
| Europe, Middle East and Africa |  |  |                              |  | 63,136   |               |        | 45,072   |   |
| Americas                       |  |  |                              |  | 80,913   |               |        | 37,485   |   |
| Asia Pacific                   |  |  |                              |  | 5,415    |               |        | 1,868    |   |
|                                |  |  |                              |  | 149,464  |               |        | 84,425   |   |
| Spunlace                       |  |  |                              |  |               |               |        |
| Europe, Middle East and Africa |  |  |                              |  | 29,825   |               |        | —  |   |
| Americas                       |  |  |                              |  | 55,484   |               |        | —  |   |
| Asia Pacific                   |  |  |                              |  | 11,078   |               |        | —  |   |
|                                |  |  |                              |  |               |               |        |
|                                |  |  |                              |  | 96,387   |               |        | —  |   |
| Total                          |  |  |                              |  | $             | 381,680  |        |               | $ | 225,674  |  |

----

|                      |         |  |               |             |             |               |   |             |  |  |  |  |  |  |  |  |  |
|----------------------|---------|--|---------------|-------------|-------------|---------------|---|-------------|--|--|--|--|--|--|--|--|--|
| Dollars in thousands | Acres   |  | Proceeds      |             | Gain (loss) |
| 2022                 |    |  |          |             |        |
| Timberlands          | 790     |  | $             | 3,130  |             |               | $ | 2,962  |  |
| Other                | n/a |  | 30       |             |             | (1)           |   |
| Total                |         |  | $             | 3,160  |             |               | $ | 2,961  |  |
|                 |         |  |               |             |             |
| 2021                 |         |  |               |             |             |
| Timberlands          | 358     |  | $             | 876    |             |               | $ | 850    |  |
| Other                | n/a |  | —  |             |             | —  |   |
| Total                |         |  | $             | 876    |             |               | $ | 850    |  |

|                         |  |                                   |               |  |  |  |  |  |
|-------------------------|--|-----------------------------------|---------------|--|--|--|--|--|
| In thousands            |  | Three months ended March 31, 2022 |
| Machinery and equipment |  | $                                 | 27,619   |  |
| Technological know-how  |  | 18,443                       |               |
| Customer relationships  |  | 11,695                       |               |
| Tradename               |  | 3,530                        |               |
| Goodwill                |  | 56,062                       |               |
| Total                   |  | $                                 | 117,349  |  |

----

|                                                                  |                              |       |      |               |   |      |  |  |  |  |  |
|------------------------------------------------------------------|------------------------------|-------|------|---------------|---|------|--|--|--|--|--|
|                                                             | Three months ended March 31, |
| In thousands                                                     | 2022                         |       | 2021 |
| Net cash used by operating activities                            | $                            | (108) |      |               | $ | (78) |  |
| Net cash used by investing activities                            | —                 |       |      | —  |   |
| Net cash provided by financing activities                        | —                 |       |      | —  |   |
| Change in cash and cash equivalents from discontinued operations | $                            | (108) |      |               | $ | (78) |  |

|                                                                                                  |  |        |                              |        |               |           |      |              |   |             |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------|--|--------|------------------------------|--------|---------------|-----------|------|--------------|---|-------------|--|--|--|--|--|--|--|
|                                                                                             |  |   | Three months ended March 31, |
| In thousands, except per share                                                                   |  |        |                              |   | 2022          |           | 2021 |
| Income (loss) from continuing operations                                                         |  |        |                              |        | $             | (108,290) |      |              | $ | 8,394  |  |
|                                                                                             |  |        |                              |        |               |           |      |
| Weighted average common shares outstanding used in basic EPS                                     |  |        |                              |        | 44,709   |           |      | 44,450  |   |
| Common shares issuable upon exercise of dilutive stock options and PSAs / RSUs          |  |        |                              |        | —  |           |      | 419     |   |
| Weighted average common shares outstanding and common share equivalents used in diluted EPS |  |        |                              |        | 44,709   |           |      | 44,869  |   |
|                                                                                             |  |        |                              |        |               |           |      |
| Earnings (loss) per share from continuing operations                                             |  |        |                              |        |               |           |      |
| Basic                                                                                            |  |        |                              |        | $             | (2.42)    |      |              | $ | 0.19   |  |
| Diluted                                                                                          |  |        |                              |        | (2.42)        |           |      | 0.19    |   |

|                         |  |        |                              |        |           |  |      |             |  |  |  |  |  |  |  |  |  |
|-------------------------|--|--------|------------------------------|--------|-----------|--|------|-------------|--|--|--|--|--|--|--|--|--|
|                    |  |   | Three months ended March 31, |
| In thousands            |  |        |                              |   | 2022      |  | 2021 |
| Potential common shares |  |        |                              |        | 934  |  |      | 1,082  |  |

----

|                                                                               |                                  |          |                                       |             |                    |             |                                                      |  |       |               |  |  |          |         |  |  |   |          |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------|----------------------------------|----------|---------------------------------------|-------------|--------------------|-------------|------------------------------------------------------|--|-------|---------------|--|--|----------|---------|--|--|---|----------|--|--|--|--|--|--|--|--|--|--|--|
| In thousands                                                                  | Currency translation adjustments |          | Unrealized gain (loss) on derivatives |             | Change in pensions |             | Change in other postretirement defined benefit plans |  | Total |
|                                                                               |                                  |          |                                       |             |                    |             |                                                      |  |       |
|                                                                               |                                  |          |                                       |             |                    |             |                                                      |  |       |
|                                                                               |                                  |          |                                       |             |                    |             |                                                      |  |       |
|                                                                               |                                  |          |                                       |             |                    |             |                                                      |  |       |
|                                                                               |                                  |          |                                       |             |                    |             |                                                      |  |       |
|                                                                               |                                  |          |                                       |             |                    |             |                                                      |  |       |
|                                                                               |                                  |          |                                       |             |                    |             |                                                      |  |       |
|                                                                               |                                  |          |                                       |             |                    |             |                                                      |  |       |
|                                                                               |                                  |          |                                       |             |                    |             |                                                      |  |       |
|                                                                               |                                  |          |                                       |             |                    |             |                                                      |  |       |
|                                                                               |                                  |          |                                       |             |                    |             |                                                      |  |       |
|                                                                               |                                  |          |                                       |             |                    |             |                                                      |  |       |
|                                                                               |                                  |          |                                       |             |                    |             |                                                      |  |       |
| Balance at January 1, 2022                                                    | $                                | (69,757) |                                       |             | $                  | 1,988  |                                                      |  | $     | (11,482)      |  |  | $        | (1,053) |  |  | $ | (80,304) |  |
| Other comprehensive income (loss) before reclassifications (net of tax)       | (10,915)                         |          |                                       | 383    |                    |             | —                                         |  |       | —  |  |  | (10,532) |         |
| Amounts reclassified from accumulated other comprehensive income (net of tax) | —                     |          |                                       | (740)       |                    |             | 126                                             |  |       | 26       |  |  | (588)    |         |
| Net current period other comprehensive income (loss)                          | (10,915)                         |          |                                       | (357)       |                    |             | 126                                             |  |       | 26       |  |  | (11,120) |         |
| Balance at March 31, 2022                                                | $                                | (80,672) |                                       |             | $                  | 1,631  |                                                      |  | $     | (11,356)      |  |  | $        | (1,027) |  |  | $ | (91,424) |  |
|                                                                          |                                  |          |                                       |             |                    |             |                                                      |  |       |
| Balance at January 1, 2021                                                    | $                                | (42,525) |                                       |             | $                  | (2,496)     |                                                      |  | $     | (12,844)      |  |  | $        | (788)   |  |  | $ | (58,653) |  |
| Other comprehensive income (loss) before reclassifications (net of tax)       | (13,193)                         |          |                                       | 3,274  |                    |             | —                                         |  |       | —  |  |  | (9,919)  |         |
| Amounts reclassified from accumulated other comprehensive income (net of tax) | —                     |          |                                       | (13)        |                    |             | 138                                             |  |       | (46)          |  |  | 79  |         |
| Net current period other comprehensive income (loss)                          | (13,193)                         |          |                                       | 3,261  |                    |             | 138                                             |  |       | (46)          |  |  | (9,840)  |         |
| Balance at March 31, 2021                                                | $                                | (55,718) |                                       |             | $                  | 765    |                                                      |  | $     | (12,706)      |  |  | $        | (834)   |  |  | $ | (68,493) |  |

----

|                                                |  |  |  |                              |  |               |         |        |               |                                   |          |                      |  |                        |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------|--|--|--|------------------------------|--|---------------|---------|--------|---------------|-----------------------------------|----------|----------------------|--|------------------------|--|--|--|--|--|--|--|--|--|--|
|                                           |  |  |  | Three months ended March 31, |  |          |
| In thousands                                   |  |  |  |                              |  | 2022          |         | 2021   |               |                              |
| Description                                    |  |  |  |                              |  |          |         |   |               | Line Item in Statements of Income |
| Cash flow hedges (Note 18)                     |  |  |  |                              |  |          |         |   |               |                              |
| Gains on cash flow hedges                      |  |  |  |                              |  | $             | (1,072) |        |               | $                                 | 24  |                      |  | Costs of products sold |
| Tax expense (benefit)                          |  |  |  |                              |  | 312      |         |        | (51)          |                                   |          | Income tax provision |
| Net of tax                                     |  |  |  |                              |  | (760)         |         |        | (27)          |                                   |          |                 |
|                                           |  |  |  |                              |  |               |         |        |               |                              |
| Loss on interest rate swaps                    |  |  |  |                              |  | 20       |         |        | 21       |                                   |          | Interest expense     |
| Tax benefit                                    |  |  |  |                              |  | —  |         |        | (7)           |                                   |          | Income tax provision |
| Net of tax                                     |  |  |  |                              |  | 20       |         |        | 14       |                                   |          |                 |
| Total cash flow hedges                         |  |  |  |                              |  | (740)         |         |        | (13)          |                                   |          |                 |
|                                                |  |  |  |                              |  |               |         |        |               |                                   |
| Retirement plan obligations (Note 11)          |  |  |  |                              |  |               |         |        |               |                              |
| Amortization of deferred benefit pension plans |  |  |  |                              |  |               |         |        |               |                              |
| Prior service costs                            |  |  |  |                              |  | 11       |         |        | 12       |                                   |          | Other, net           |
| Actuarial losses                               |  |  |  |                              |  | 167      |         |        | 199      |                                   |          | Other, net           |
|                                           |  |  |  |                              |  | 178      |         |        | 211      |                                   |          |                 |
| Tax benefit                                    |  |  |  |                              |  | (52)          |         |        | (73)          |                                   |          | Income tax provision |
| Net of tax                                     |  |  |  |                              |  | 126      |         |        | 138      |                                   |          |                 |
| Amortization of deferred benefit other plans   |  |  |  |                              |  |               |         |        |               |                              |
| Prior service credits                          |  |  |  |                              |  | 26       |         |        | (58)          |                                   |          | Other, net           |
| Actuarial losses (gains)                       |  |  |  |                              |  | —  |         |        | 12       |                                   |          | Other, net           |
|                                           |  |  |  |                              |  | 26       |         |        | (46)          |                                   |          |                 |
| Tax expense                                    |  |  |  |                              |  | —  |         |        | —  |                                   |          | Income tax provision |
| Net of tax                                     |  |  |  |                              |  | 26       |         |        | (46)          |                                   |          |                 |
| Total reclassifications, net of tax            |  |  |  |                              |  | $             | (588)   |        |               | $                                 | 79  |                      |  |                   |

----

|                       |                 |  |      |                 |  |  |  |  |  |  |  |
|-----------------------|-----------------|--|------|-----------------|--|--|--|--|--|--|--|
| Units                 | 2022            |  | 2021 |
| Balance at January 1, | 1,111,382  |  |      | 1,071,652  |  |
| Granted               | 528,011    |  |      | 287,805    |  |
| Forfeited             | (92,569)        |  |      | (90,355)        |  |
| Shares delivered      | (250,301)       |  |      | (123,038)       |  |
| Balance at March 31,  | 1,296,523  |  |      | 1,146,064  |  |

|                                  |  |        |                              |        |      |           |      |  |   |             |  |  |  |  |  |  |  |
|----------------------------------|--|--------|------------------------------|--------|------|-----------|------|--|---|-------------|--|--|--|--|--|--|--|
|                             |  |   | Three months ended March 31, |
| In thousands                     |  |        |                              |   | 2022 |           | 2021 |
| Share-based compensation expense |  |        |                              |        | $    | 909  |      |  | $ | 1,208  |  |

|                           |                 |  |                      |               |             |  |                      |                 |  |               |   |             |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------|-----------------|--|----------------------|---------------|-------------|--|----------------------|-----------------|--|---------------|---|-------------|--|--|--|--|--|--|--|--|--|--|--|
|                      | 2022            |  | 2021                 |
|                           | Shares          |  | Wtd AvgExercisePrice |               | Shares      |  | Wtd AvgExercisePrice |
| Outstanding at January 1, | 1,079,113  |  |                      | $             | 20.42  |  |                      | 1,082,413  |  |               | $ | 20.40  |  |
| Granted                   | —    |  |                      | —  |             |  | —         |                 |  | —  |   |
| Exercised                 | —    |  |                      | —  |             |  | —         |                 |  | —  |   |
| Canceled / forfeited  | (145,440)       |  |                      | 15.61    |             |  | —         |                 |  | —  |   |
| Outstanding at March 31,  | 933,673    |  |                      | $             | 21.17  |  |                      | 1,082,413  |  |               | $ | 20.40  |  |

----

|                                             |  |  |                              |  |               |               |        |           |   |               |  |  |  |  |  |  |  |
|---------------------------------------------|--|--|------------------------------|--|---------------|---------------|--------|-----------|---|---------------|--|--|--|--|--|--|--|
|                                        |  |  | Three months ended March 31, |
| In thousands                                |  |  |                              |  | 2022          |               | 2021   |
| Pension Benefits                            |  |  |                              |  |          |               |   |
| Service cost                                |  |  |                              |  | $             | —  |        |           | $ | —  |  |
| Interest cost                               |  |  |                              |  | 235      |               |        | 250  |   |
| Amortization of prior service cost          |  |  |                              |  | 11       |               |        | 12   |   |
| Amortization of actuarial loss              |  |  |                              |  | 167      |               |        | 199  |   |
| Total net periodic benefit expense          |  |  |                              |  | $             | 413      |        |           | $ | 461      |  |
|                                        |  |  |                              |  |               |               |        |
| Other Benefits                              |  |  |                              |  |               |               |        |
| Service cost                                |  |  |                              |  | $             | —  |        |           | $ | 7        |  |
| Interest cost                               |  |  |                              |  | 33       |               |        | 32   |   |
| Amortization of prior service cost (credit) |  |  |                              |  | 26       |               |        | (58)      |   |
| Amortization of actuarial loss              |  |  |                              |  | —  |               |        | 12   |   |
| Total net periodic benefit expense (income) |  |  |                              |  | $             | 59       |        |           | $ | (7)           |  |

----

|                  |                              |           |      |  |   |           |  |  |  |  |  |
|------------------|------------------------------|-----------|------|--|---|-----------|--|--|--|--|--|
|             | Three months ended March 31, |
| In millions      | 2022                         |           | 2021 |
| Interest expense | $                            | 0.4  |      |  | $ | 0.2  |  |

|                          |               |           |                  |           |   |           |  |  |  |  |  |
|--------------------------|---------------|-----------|------------------|-----------|---|-----------|--|--|--|--|--|
|                     | March 31,2022 |           | December 31,2021 |
| Accrued interest payable | $             | 4.3  |                  |           | $ | 3.9  |  |
| Accrued penalties        | 3.0      |           |                  | 3.0  |   |

|                         |               |               |                  |               |   |               |  |  |  |  |  |
|-------------------------|---------------|---------------|------------------|---------------|---|---------------|--|--|--|--|--|
| In thousands            | March 31,2022 |               | December 31,2021 |
| Raw materials           | $             | 88,684   |                  |               | $ | 87,448   |  |
| In-process and finished | 149,444  |               |                  | 139,058  |   |
| Supplies                | 53,968   |               |                  | 53,014   |   |
| Total                   | $             | 292,096  |                  |               | $ | 279,520  |  |

----

|                                    |                  |               |            |               |              |          |               |  |               |               |  |  |               |         |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------|------------------|---------------|------------|---------------|--------------|----------|---------------|--|---------------|---------------|--|--|---------------|---------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|
| In thousands                       | December 31,2021 |               | Impairment |               | Amortization |          | Translation   |  | March 31,2022 |
| Goodwill                           |             |               |       |               |         |          |          |  |          |
| Composite Fibers                   | $                | 78,438   |            |               | $            | (56,062) |               |  | $             | —  |  |  | $             | (1,969) |  |  | $ | 20,407   |  |
| Airlaid Materials                  | 109,486     |               |            | —  |              |          | —  |  |               | (1,463)       |  |  | 108,023  |         |
| Spunlace                           | 48,241      |               |            | —  |              |          | —  |  |               | 392      |  |  | 48,633   |         |
| Total                              | $                | 236,165  |            |               | $            | (56,062) |               |  | $             | —  |  |  | $             | (3,040) |  |  | $ | 177,063  |  |
|                               |                  |               |            |               |              |          |               |  |               |
| Other Intangible Assets            |                  |               |            |               |              |          |               |  |               |
| Composite Fibers                   |                  |               |            |               |              |          |               |  |               |
| Tradename - non-amortizing         | $                | 3,601    |            |               | $            | (3,530)  |               |  | $             | —  |  |  | $             | (71)    |  |  | $ | —  |  |
|                               |                  |               |            |               |              |          |               |  |               |
| Technology and related             | 38,614      |               |            | —  |              |          | —  |  |               | (791)         |  |  | 37,823   |         |
| Accumulated amortization           | (19,224)         |               |            | (18,443)      |              |          | (424)         |  |               | 268      |  |  | (37,823)      |         |
| Net                                | 19,390      |               |            | (18,443)      |              |          | (424)         |  |               | (523)         |  |  | —  |         |
|                               |                  |               |            |               |              |          |               |  |               |
| Customer relationships and related | 34,739      |               |            | —  |              |          | —  |  |               | (693)         |  |  | 34,046   |         |
| Accumulated amortization           | (22,104)         |               |            | (11,695)      |              |          | (587)         |  |               | 340      |  |  | (34,046)      |         |
| Net                                | 12,635      |               |            | (11,695)      |              |          | (587)         |  |               | (353)         |  |  | —  |         |
|                               |                  |               |            |               |              |          |               |  |               |
| Airlaid Materials                  |                  |               |            |               |              |          |               |  |               |
| Tradename                          | 4,485       |               |            | —  |              |          | —  |  |               | (903)         |  |  | 3,582    |         |
| Accumulated amortization           | (603)            |               |            | —  |              |          | (45)          |  |               | 13       |  |  | (635)         |         |
| Net                                | 3,882       |               |            | —  |              |          | (45)          |  |               | (890)         |  |  | 2,947    |         |
|                               |                  |               |            |               |              |          |               |  |               |
| Technology and related             | 17,825      |               |            | —  |              |          | —  |  |               | 377      |  |  | 18,202   |         |
| Accumulated amortization           | (4,552)          |               |            | —  |              |          | (301)         |  |               | 87       |  |  | (4,766)       |         |
| Net                                | 13,273      |               |            | —  |              |          | (301)         |  |               | 464      |  |  | 13,436   |         |
|                               |                  |               |            |               |              |          |               |  |               |
| Customer relationships and related | 44,585      |               |            | —  |              |          | —  |  |               | (489)         |  |  | 44,096   |         |
| Accumulated amortization           | (10,512)         |               |            | —  |              |          | (944)         |  |               | 253      |  |  | (11,203)      |         |
| Net                                | 34,073      |               |            | —  |              |          | (944)         |  |               | (236)         |  |  | 32,893   |         |
|                                    |                  |               |            |               |              |          |               |  |               |
| Spunlace                           |                  |               |            |               |              |          |               |  |               |
| Products and Tradenames            | 27,623      |               |            | —  |              |          | —  |  |               | (383)         |  |  | 27,240   |         |
| Accumulated amortization           | (253)            |               |            | —  |              |          | (361)         |  |               | 4        |  |  | (610)         |         |
| Net                                | 27,370      |               |            | —  |              |          | (361)         |  |               | (379)         |  |  | 26,630   |         |
|                                    |                  |               |            |               |              |          |               |  |               |
| Technology and related             | 14,547      |               |            | —  |              |          | —  |  |               | (202)         |  |  | 14,345   |         |
| Accumulated amortization           | (202)            |               |            | —  |              |          | (297)         |  |               | 3        |  |  | (496)         |         |
| Net                                | 14,345      |               |            | —  |              |          | (297)         |  |               | (199)         |  |  | 13,849   |         |
|                                    |                  |               |            |               |              |          |               |  |               |
| Customer relationships and related | 28,003      |               |            | —  |              |          | —  |  |               | (388)         |  |  | 27,615   |         |
| Accumulated amortization           | (268)            |               |            | —  |              |          | (384)         |  |               | 4        |  |  | (648)         |         |
| Net                                | 27,735      |               |            | —  |              |          | (384)         |  |               | (384)         |  |  | 26,967   |         |
|                                    |                  |               |            |               |              |          |               |  |               |
| Total intangibles                  | 214,022     |               |            | (3,530)       |              |          | —  |  |               | (3,543)       |  |  | 206,949  |         |
| Total accumulated amortization     | (57,718)         |               |            | (30,138)      |              |          | (3,343)       |  |               | 972      |  |  | (90,227)      |         |
| Net intangibles                    | $                | 156,304  |            |               | $            | (33,668) |               |  | $             | (3,343)       |  |  | $             | (2,571) |  |  | $ | 116,722  |  |

----

|                                             |               |        |                  |            |        |  |  |  |  |  |  |
|---------------------------------------------|---------------|--------|------------------|------------|--------|--|--|--|--|--|--|
| Dollars in thousands                        | March 31,2022 |        | December 31,2021 |
| Right of use asset                          | $             | 25,232 |                  | $          | 27,186 |
| Weighted average discount rate              | 2.95     | %      |                  | 3.31  | %      |
| Weighted average remaining maturity (years) | 20.3          |        | 26.0             |

|               |  |  |                              |  |      |             |      |  |   |             |  |  |  |  |  |  |  |
|---------------|--|--|------------------------------|--|------|-------------|------|--|---|-------------|--|--|--|--|--|--|--|
|          |  |  | Three months ended March 31, |
| In thousands  |  |  |                              |  | 2022 |             | 2021 |
| Lease expense |  |  |                              |  | $    | 1,421  |      |  | $ | 1,347  |  |

|              |              |             |  |  |  |
|--------------|--------------|-------------|--|--|--|
| In thousands |         |
| 2022         | $            | 4,635  |  |
| 2023         | 3,690   |             |
| 2024         | 2,805   |             |
| 2025         | 2,387   |             |
| 2026         | 2,301   |             |
| Thereafter   | 22,504  |             |

----

|                                         |               |               |                  |               |   |               |  |  |  |  |  |
|-----------------------------------------|---------------|---------------|------------------|---------------|---|---------------|--|--|--|--|--|
| In thousands                            | March 31,2022 |               | December 31,2021 |
| Revolving credit facility, due Sep 2026 | $             | 41,101   |                  |               | $ | 10,000   |  |
| 4.750% Senior Notes, due Oct 2029       | 500,000  |               |                  | 500,000  |   |
| Term loan, due Feb 2024                 | 210,641  |               |                  | 218,026  |   |
| 2.40% Term Loan, due Jun 2022           | 396      |               |                  | 809      |   |
| 2.05% Term Loan, due Mar 2023           | 5,925    |               |                  | 7,556    |   |
| 1.30% Term Loan, due Jun 2023           | 1,982    |               |                  | 2,427    |   |
| 1.55% Term Loan, due Sep 2025           | 4,761    |               |                  | 5,204    |   |
| 1.10% Term Loan, due Mar 2024           | 8,073    |               |                  | 9,267    |   |
| 0.57% Term Loan, due Jul 2023           | 22,202   |               |                  | 22,652   |   |
| Total long-term debt                    | 795,081  |               |                  | 775,941  |   |
| Less current portion                    | (25,516)      |               |                  | (26,437)      |   |
| Unamortized deferred issuance costs     | (11,302)      |               |                  | (11,429)      |   |
| Long-term debt, net of current portion  | $             | 758,263  |                  |               | $ | 738,075  |  |

----

|                                    |                |               |                   |               |               |               |               |  |   |               |  |  |   |               |  |  |  |  |  |  |  |  |  |
|------------------------------------|----------------|---------------|-------------------|---------------|---------------|---------------|---------------|--|---|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|
|                               | March 31, 2022 |               | December 31, 2021 |
| In thousands                       | CarryingValue  |               | Fair Value        |               | CarryingValue |               | Fair Value    |
| Variable rate debt                 | $              | 41,101   |                   |               | $             | 41,101   |               |  | $ | 10,000   |  |  | $ | 10,000   |  |
| 4.750% Senior Notes, due Oct. 2029 | 500,000   |               |                   | 426,875  |               |               | 500,000  |  |   | 516,875  |  |
| Term loan, due Feb. 2024           | 210,641   |               |                   | 210,641  |               |               | 218,026  |  |   | 218,026  |  |
| 2.40% Term Loan                    | 396       |               |                   | 398      |               |               | 809      |  |   | 813      |  |
| 2.05% Term Loan                    | 5,925     |               |                   | 5,953    |               |               | 7,556    |  |   | 7,616    |  |
| 1.30% Term Loan                    | 1,982     |               |                   | 1,981    |               |               | 2,427    |  |   | 2,433    |  |
| 1.55% Term Loan                    | 4,761     |               |                   | 4,717    |               |               | 5,204    |  |   | 5,234    |  |
| 1.10% Term Loan                    | 8,073     |               |                   | 8,010    |               |               | 9,267    |  |   | 9,252    |  |
| 0.57% Term Loan                    | 22,202    |               |                   | 22,046   |               |               | 22,652   |  |   | 22,657   |  |
| Total                              | $              | 795,081  |                   |               | $             | 721,722  |               |  | $ | 775,941  |  |  | $ | 792,906  |  |

----

|                                     |                |  |                   |  |  |  |  |  |  |  |  |
|-------------------------------------|----------------|--|-------------------|--|--|--|--|--|--|--|--|
| In thousands                        | March 31, 2022 |  | December 31, 2021 |
| Derivative                          |           |  |              |
| Sell/Buy - sell notional        |           |  |              |
| Euro / British Pound            | 21,233         |  | 18,823            |
|                                     |                |  |                   |
| U.S. Dollar / British Pound     | 27,727         |  | 16,205            |
| U.S. Dollar / Euro              | 2,722          |  | 658               |
|                                     |                |  |                   |
|                                |                |  |                   |
| Sell/Buy - buy notional         |                |  |                   |
| Euro / Philippine Peso          | 965,142        |  | 896,291           |
| British Pound / Philippine Peso | 1,262,480      |  | 1,121,183         |
| Euro / U.S. Dollar              | 111,467        |  | 108,467           |
| U.S. Dollar / Canadian Dollar   | 36,517         |  | 36,904            |
|                                     |                |  |                   |

|                                 |                |  |                   |  |  |  |  |  |  |  |  |
|---------------------------------|----------------|--|-------------------|--|--|--|--|--|--|--|--|
| In thousands                    | March 31, 2022 |  | December 31, 2021 |
| Derivative                      |           |  |              |
| Sell/Buy - sell notional    |           |  |              |
| U.S. Dollar / British Pound | 24,150         |  | 26,600            |
|                                 |                |  |                   |
| British Pound / Euro        | 2,400          |  | 3,400             |
| U.S. Dollar / Swiss Franc   | 11,200         |  | 2,180             |
| British Pound / Swiss Franc | 1,520          |  | 1,025             |
| Euro / Swiss Franc          | 4,480          |  | 2,750             |
| Euro / U.S. Dollar          | 3,800          |  | 11,000            |
|                                 |                |  |                   |
| Sell/Buy - buy notional     |                |  |                   |
| Euro / U.S. Dollar          | 2,800          |  | 20,900            |
| British Pound / Euro        | 7,000          |  | 5,300             |

----

|                                             |                                          |             |                          |               |                |             |                   |   |           |           |  |   |           |           |  |  |  |  |  |  |  |  |  |
|---------------------------------------------|------------------------------------------|-------------|--------------------------|---------------|----------------|-------------|-------------------|---|-----------|-----------|--|---|-----------|-----------|--|--|--|--|--|--|--|--|--|
| In thousands                                | March 31, 2022                           |             | December 31, 2021        |               | March 31, 2022 |             | December 31, 2021 |
| Balance sheet caption                       | Prepaid Expenses and OtherCurrent Assets |             | OtherCurrent Liabilities |
| Designated as hedging:                  |                                     |             |                     |               |           |             |              |
| Forward foreign currency exchange contracts | $                                        | 4,936  |                          |               | $              | 3,197  |                   |   | $         | 199  |  |   | $         | 288  |  |
| Interest rate swap                          | 18                                  |             |                          | —  |                |             | —      |   |           | 44   |  |
|                                        |                                          |             |                          |               |                |             |                   |
| Not designated as hedging:              |                                          |             |                          |               |                |             |                   |
| Forward foreign currency exchange contracts | $                                        | 408    |                          |               | 701       |             |                   | $ | 674  |           |  | $ | 116  |           |

|                                                  |  |  |                              |  |          |           |        |          |   |           |  |  |  |  |  |  |  |
|--------------------------------------------------|--|--|------------------------------|--|----------|-----------|--------|----------|---|-----------|--|--|--|--|--|--|--|
|                                             |  |  | Three months ended March 31, |
| In thousands                                     |  |  |                              |  | 2022     |           | 2021   |
| Designated as hedging:                       |  |  |                              |  |     |           |   |
| Forward foreign currency exchange contracts: |  |  |                              |  |     |           |   |
| Cost of products sold                            |  |  |                              |  | $        | (1,072)   |        |          | $ | (24)      |  |
| Interest expense                                 |  |  |                              |  | 20  |           |        | 21  |   |
|                                             |  |  |                              |  |          |           |        |
| Not designated as hedging:                   |  |  |                              |  |          |           |        |
| Forward foreign currency exchange contracts: |  |  |                              |  |          |           |        |
| Other – net                                |  |  |                              |  | $        | 440  |        |          | $ | 270  |  |

|                                    |             |             |      |             |   |             |  |  |  |  |  |
|------------------------------------|-------------|-------------|------|-------------|---|-------------|--|--|--|--|--|
| In thousands                       | 2022        |             | 2021 |
| Balance at January 1,              | $           | 2,889  |      |             | $ | (3,460)     |  |
| Deferred gains on cash flow hedges | 1,076  |             |      | 4,558  |   |
| Reclassified to earnings           | 1,052  |             |      | 3      |   |
| Balance at March 31,               | $           | 5,017  |      |             | $ | 1,101  |  |

----

----

|                               |  |  |                              |  |               |               |      |               |   |               |  |  |  |  |  |  |  |
|-------------------------------|--|--|------------------------------|--|---------------|---------------|------|---------------|---|---------------|--|--|--|--|--|--|--|
|                               |  |  | Three months ended March 31, |
| Dollars in thousands          |  |  |                              |  | 2022          |               | 2021 |
| Net Sales                     |  |  |                              |  |               |               |      |
| Composite Fibers              |  |  |                              |  | $             | 135,829  |      |               | $ | 141,249  |  |
| Airlaid Material              |  |  |                              |  | 149,464  |               |      | 84,425   |   |
| Spunlace                      |  |  |                              |  | 96,387   |               |      | —  |   |
| Total                         |  |  |                              |  | $             | 381,680  |      |               | $ | 225,674  |  |
|                               |  |  |                              |  |               |               |      |
| Operating income (loss)       |  |  |                              |  |               |               |      |
| Composite Fibers              |  |  |                              |  | $             | (335)         |      |               | $ | 16,065   |  |
| Airlaid Material              |  |  |                              |  | 12,221   |               |      | 7,197    |   |
| Spunlace                      |  |  |                              |  | (1,572)       |               |      | —  |   |
| Other and unallocated         |  |  |                              |  | (126,203)     |               |      | (5,943)       |   |
| Total                         |  |  |                              |  | $             | (115,889)     |      |               | $ | 17,319   |  |
|                               |  |  |                              |  |               |               |      |
| Depreciation and amortization |  |  |                              |  |               |               |      |
| Composite Fibers              |  |  |                              |  | $             | 6,519    |      |               | $ | 6,981    |  |
| Airlaid Material              |  |  |                              |  | 7,629    |               |      | 5,848    |   |
| Spunlace                      |  |  |                              |  | 2,914    |               |      | —  |   |
| Other and unallocated         |  |  |                              |  | 1,422    |               |      | 904      |   |
| Total                         |  |  |                              |  | $             | 18,484   |      |               | $ | 13,733   |  |
|                               |  |  |                              |  |               |               |      |
| Capital expenditures          |  |  |                              |  |               |               |      |
| Composite Fibers              |  |  |                              |  | $             | 6,127    |      |               | $ | 2,773    |  |
| Airlaid Material              |  |  |                              |  | 3,468    |               |      | 1,739    |   |
| Spunlace                      |  |  |                              |  | 2,085    |               |      | —  |   |
| Other and unallocated         |  |  |                              |  | 668      |               |      | 867      |   |
| Total                         |  |  |                              |  | $             | 12,348   |      |               | $ | 5,379    |  |
|                               |  |  |                              |  |               |               |      |
| Tons shipped (metric)         |  |  |                              |  |               |               |      |
| Composite Fibers              |  |  |                              |  | 28,211   |               |      | 34,140   |   |
| Airlaid Material              |  |  |                              |  | 43,052   |               |      | 28,864   |   |
| Spunlace                      |  |  |                              |  | 20,736   |               |      | —  |   |
|                               |  |  |                              |  |               |               |      |
| Total                         |  |  |                              |  | 91,999   |               |      | 63,004   |   |

----

----

----

|                                |                              |               |      |              |   |               |  |  |  |  |  |
|--------------------------------|------------------------------|---------------|------|--------------|---|---------------|--|--|--|--|--|
|                           | Three months ended March 31, |
| In thousands, except per share | 2022                         |               | 2021 |
| Net sales                      | $                            | 381,680  |      |              | $ | 225,674  |  |
| Gross profit                   | 31,665                  |               |      | 39,296  |   |
| Operating income               | (115,889)                    |               |      | 17,319  |   |
| Continuing operations          |                              |               |      |
| Income                         | (108,290)                    |               |      | 8,394   |   |
| Earnings per share             | (2.42)                       |               |      | 0.19    |   |
| Net income                     | (108,327)                    |               |      | 8,394   |   |
| Earnings per share             | (2.42)                       |               |      | 0.19    |   |

----

|                                                              |                              |           |        |               |        |               |               |  |        |               |  |  |   |            |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------|------------------------------|-----------|--------|---------------|--------|---------------|---------------|--|--------|---------------|--|--|---|------------|--|--|--|--|--|--|--|--|--|
|                                                         | Three months ended March 31, |
|                                                         | 2022                         |           | 2021   |
| In thousands, except per share                               | Amount                       |           | EPS    |               | Amount |               | EPS           |
| Net income (loss)                                            | $                            | (108,327) |        |               | $      | (2.42)        |               |  | $      | 8,394    |  |  | $ | 0.19  |  |
| Exclude: Income from discontinued operations, net of tax | 37                      |           |        | —  |        |               | —  |  |        | —  |  |
| Income (loss) from continuing operations                     | (108,290)                    |           |        | (2.42)        |        |               | 8,394    |  |        | 0.19     |  |
| Adjustments (pre-tax):                                   |                         |           |   |               |   |               |          |
| Goodwill and other asset impairment charges (1)              | 117,349                 |           |        |               |        | —  |               |  |   |
| Russia/Ukraine conflict charges (2)                      | 3,948                   |           |        |               |        | —  |               |  |        |
| Strategic initiatives (3)                                    | 1,835                   |           |        |               |        | 603      |               |  |   |
| Corporate headquarters relocation                            | 88                      |           |        |               |        | 155      |               |  |   |
| Cost optimization actions (4)                                | 941                     |           |        |               |        | —  |               |  |   |
| Timberland sales and related costs                           | (2,962)                      |           |        |               |        | (850)         |               |  |   |
| Total adjustments (pre-tax)                                  | 121,199                 |           |        |               |        | (92)          |               |  |        |
| Income taxes (5)                                             | (19,147)                     |           |        |               |        | 81       |               |  |        |
| CARES Act of 2020 tax provision (6)                          | 79                      |           |        |               |        | 93       |               |  |        |
| Total after-tax adjustments                                  | 102,131                 |           |        | 2.28     |        |               | 82       |  |        | —  |  |
| Adjusted earnings                                            | $                            | (6,159)   |        |               | $      | (0.14)        |               |  | $      | 8,476    |  |  | $ | 0.19  |  |

----

|                               |  |  |                              |  |               |               |      |               |              |               |  |  |  |  |  |  |  |
|-------------------------------|--|--|------------------------------|--|---------------|---------------|------|---------------|--------------|---------------|--|--|--|--|--|--|--|
|                               |  |  | Three months ended March 31, |
| Dollars in thousands          |  |  |                              |  | 2022          |               | 2021 |
| Net Sales                     |  |  |                              |  |               |               |      |
| Composite Fibers              |  |  |                              |  | $             | 135,829  |      |               | $            | 141,249  |  |
| Airlaid Material              |  |  |                              |  | 149,464  |               |      | 84,425   |              |
| Spunlace                      |  |  |                              |  | 96,387   |               |      | —  |              |
| Total                         |  |  |                              |  | $             | 381,680  |      |               | $            | 225,674  |  |
|                               |  |  |                              |  |               |               |      |
| Operating income (loss)       |  |  |                              |  |               |               |      |
| Composite Fibers              |  |  |                              |  | $             | (335)         |      |               | $            | 16,065   |  |
| Airlaid Material              |  |  |                              |  | 12,221   |               |      | 7,197    |              |
| Spunlace                      |  |  |                              |  | (1,572)       |               |      | —  |              |
| Other and unallocated         |  |  |                              |  | (126,203)     |               |      | (5,943)       |              |
| Total                         |  |  |                              |  | $             | (115,889)     |      |               | $            | 17,319   |  |
|                               |  |  |                              |  |               |               |      |
| Depreciation and amortization |  |  |                              |  |               |               |      |
| Composite Fibers              |  |  |                              |  | $             | 6,519    |      |               | $            | 6,981    |  |
| Airlaid Material              |  |  |                              |  | 7,629    |               |      | 5,848    |              |
| Spunlace                      |  |  |                              |  | 2,914    |               |      | —  |              |
| Other and unallocated         |  |  |                              |  | 1,422    |               |      | 904      |              |
| Total                         |  |  |                              |  | $             | 18,484   |      |               | $            | 13,733   |  |
|                               |  |  |                              |  |               |               |      |
| Capital expenditures          |  |  |                              |  |               |               |      |
| Composite Fibers              |  |  |                              |  | $             | 6,127    |      |               | $            | 2,773    |  |
| Airlaid Material              |  |  |                              |  | 3,468    |               |      | 1,739    |              |
| Spunlace                      |  |  |                              |  | 2,085    |               |      | —  |              |
| Other and unallocated         |  |  |                              |  | 668      |               |      | 867      |              |
| Total                         |  |  |                              |  | $             | 12,348   |      |               | $            | 5,379    |  |
|                               |  |  |                              |  |               |               |      |
| Tons shipped (metric)         |  |  |                              |  |               |               |      |
| Composite Fibers              |  |  |                              |  | 28,211   |               |      | 34,140   |              |
| Airlaid Material              |  |  |                              |  | 43,052   |               |      | 28,864   |              |
| Spunlace                      |  |  |                              |  | 20,736   |               |      | —  |              |
| Total                         |  |  |                              |  | 91,999   |               |      | $             | 63,004  |               |

----

|                                        |                              |               |        |               |        |               |               |  |   |               |  |  |  |  |  |  |  |
|----------------------------------------|------------------------------|---------------|--------|---------------|--------|---------------|---------------|--|---|---------------|--|--|--|--|--|--|--|
|                                   | Three months ended March 31, |               |   |
| In thousands                           | 2022                         |               | 2021   |               | Change |
| Net sales                              | $                            | 381,680  |        |               | $      | 225,674  |               |  | $ | 156,006  |  |
| Costs of products sold                 | 350,015                 |               |        | 186,378  |        |               | 163,637  |  |
| Gross profit                           | $                            | 31,665   |        |               | $      | 39,296   |               |  | $ | (7,631)       |  |
| Gross profit as a percent of Net sales | 8.3                     | %             |        | 17.4     | %      |               |          |

|                   |                              |   |      |               |   |  |  |  |  |  |  |
|-------------------|------------------------------|---|------|---------------|---|--|--|--|--|--|--|
|              | Three months ended March 31, |
| Percent of Total  | 2022                         |   | 2021 |
| Segment           |                              |   |      |
| Composite Fibers  | 35.6                    | % |      | 62.6     | % |
| Airlaid Materials | 39.2                    |   |      | 37.4     |   |
| Spunlace          | 25.2                    |   |      | —  |   |
| Total             | 100.0                   | % |      | 100.0    | % |

----

----

|                        |                              |          |  |  |  |
|------------------------|------------------------------|----------|--|--|--|
| In thousands           | Three months ended March 31, |
|                   | Favorable(unfavorable)  |
| Net sales              | $                            | (11,260) |  |
| Costs of products sold | 10,221                  |          |
| SG&A expenses      | 626                     |          |
| Income taxes and other | 51                      |          |
| Net loss               | $                            | (362)    |  |

----

|                                                                       |                              |               |      |              |   |               |  |  |  |  |  |
|-----------------------------------------------------------------------|------------------------------|---------------|------|--------------|---|---------------|--|--|--|--|--|
|                                                                  | Three months ended March 31, |
| In thousands                                                          | 2022                         |               | 2021 |
| Cash, cash equivalents and restricted cash at the beginning of period | $                            | 148,814  |      |              | $ | 111,665  |  |
| Cash provided (used) by                                               |                         |               |      |
| Operating activities                                                  | (66,240)                     |               |      | (6,046)      |   |
| Investing activities                                                  | (7,801)                      |               |      | (4,603)      |   |
| Financing activities                                                  | 16,281                  |               |      | 179     |   |
| Effect of exchange rate changes on cash                               | (748)                        |               |      | (2,213)      |   |
| Change in cash and cash equivalents from discontinued operations      | (108)                        |               |      | (78)         |   |
| Net cash used                                                         | (58,616)                     |               |      | (12,761)     |   |
| Cash, cash equivalents and restricted cash at the end of period       | 90,198                  |               |      | 98,904  |   |
| Less: restricted cash in Prepaid and other current assets         | (2,000)                      |               |      | (2,000)      |   |
| Less: restricted cash in Other assets                             | (7,746)                      |               |      | (9,538)      |   |
| Cash and cash equivalents at the end of period                        | $                            | 80,452   |      |              | $ | 87,366   |  |

|                                                                |  |                              |              |      |               |   |              |  |  |  |  |  |  |  |
|----------------------------------------------------------------|--|------------------------------|--------------|------|---------------|---|--------------|--|--|--|--|--|--|--|
| Adjusted EBITDA                                                |  | Three months ended March 31, |
| In thousands                                                   |  | 2022                         |              | 2021 |
|                                                                |  |                              |              |      |
| Net income (loss)                                              |  | $                            | (108,327)    |      |               | $ | 8,394   |  |
| Exclude:     Loss from discontinued operations, net of tax |  | 37                      |              |      | —  |   |
| Add back:  Taxes on Continuing operations                  |  | (16,784)                     |              |      | 7,190    |   |
| Depreciation and amortization                                  |  | 18,484                  |              |      | 13,733   |   |
| Interest expense, net                                          |  | 7,845                   |              |      | 1,511    |   |
| EBITDA                                                         |  | (98,745)                     |              |      | 30,828   |   |
| Adjustments:                                               |  |                              |              |      |
| Goodwill and other asset impairment charges                    |  | 117,349                 |              |      | —  |   |
| Russia/Ukraine conflict charges                            |  | 3,948                   |              |      | —  |   |
| Strategic initiatives                                          |  | 1,835                   |              |      | 603      |   |
| Share-based compensation (1)                                   |  | 909                     |              |      | 1,208    |   |
|                                                                |  |                              |              |      |
|                                                                |  |                              |              |      |
| Corporate headquarters relocation                              |  | 88                      |              |      | 155      |   |
| Cost optimization actions                                      |  | 589                     |              |      | —  |   |
|                                                                |  |                              |              |      |
| Timberland sales and related costs                             |  | (2,962)                      |              |      | (850)         |   |
| Adjusted EBITDA                                                |  | $                            | 23,011  |      |               | $ | 31,944  |  |

----

Long-Term Debt
.

----

|                                            |                        |               |                |              |               |               |              |   |               |               |                |               |              |               |         |               |              |        |        |   |               |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------|------------------------|---------------|----------------|--------------|---------------|---------------|--------------|---|---------------|---------------|----------------|---------------|--------------|---------------|---------|---------------|--------------|--------|--------|---|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                       | Year Ended December 31 |               | March 31, 2022 |
|  In thousands, except percentages     | 2022                   |               | 2023           |              | 2024          |               | 2025         |   | 2026          |               | Carrying Value |               | Fair Value   |
| Long-term debt                             |                   |               |           |              |          |               |         |   |          |               |           |               |         |
| Average principal outstanding              |                   |               |           |              |          |               |         |   |          |               |           |               |         |
| At variable interest rates                 | $                      | 245,637       |                | $            | 233,426  |               |              | $ | 227,320  |               |                | $             | 41,101  |               |         | $             | 27,701  |        |        | $ | 251,742  |  |  | $ | 251,742  |  |
| At fixed interest rates – Term Loans | 535,595                |               | 523,442        |              | 502,373       |               | 500,408      |   | 500,000       |               | 543,339   |               |              | 469,980  |         |
|                                       |                        |               |                |              |               |               |              |   |               |               | $              | 795,081  |              |               | $       | 721,722  |              |
| Weighted-average interest rate             |                        |               |                |              |               |               |              |   |               |               |           |               |         |
| On variable rate debt                      | 2.02              | %             |                | 2.02    | %             |               | 2.02    | % |               | 2.02     | %              |               | 2.02    | %             |         |          |              |   |
| On fixed rate debt – Term Loans      | 4.50              | %             |                | 4.57    | %             |               | 4.73    | % |               | 4.75     | %              |               | 4.75    | %             |         |          |              |   |
|                                       |                        |               |                |              |               |               |              |   |               |               |           |               |         |
| Interest rate swap                         |                        |               |                |              |               |               |              |   |               |               |           |               |         |
| Pay fixed/received variable (notional) | €                | 180,000  |                |              | €       | 180,000  |              |   | €       | 180,000  |                |               | —      |               | — |               |         |        |   |
| Rate paid                                  | 0.0395            | %             |                | 0.0395  | %             |               | 0.0395  | % |               | —       |                | —       |              |          |         |          |
| Rate received                              | —                |               | —        |              | —       |               | —      |   | —       |               |           |               |         |

----

----

|         |                                                                                                                                                                                                                       |  |  |  |  |  |  |  |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|--|
|         |                                                                                                                                                                                                                       |  |
| 31.1    | Certification of Dante C. Parrini, Chairman and Chief Executive Officer of Glatfelter, pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002, filed herewith.                                                  |  |
| 31.2    | Certification of Ramesh Shettigar, Senior Vice President, Chief Financial Officer and Treasurer of Glatfelter, pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002, filed herewith.                          |  |
| 32.1    | Certification of Dante C. Parrini, Chairman and Chief Executive Officer of Glatfelter, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, furnished herewith.                         |  |
| 32.2    | Certification of Ramesh Shettigar, Senior Vice President, Chief Financial Officer and Treasurer of Glatfelter, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, furnished herewith. |  |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data file because its iXBRL tags are embedded within the Inline XBRL document.                                         |  |
| 101.SCH | Inline XBRL Taxonomy Extension Schema.                                                                                                                                                                                |  |
| 101.CAL | Inline XBRL Extension Calculation Linkbase.                                                                                                                                                                           |  |
| 101.DEF | Inline XBRL Extension Definition Linkbase.                                                                                                                                                                            |  |
| 101.LAB | Inline XBRL Extension Label Linkbase.                                                                                                                                                                                 |  |
| 101.PRE | Inline XBRL Extension Presentation Linkbase.                                                                                                                                                                          |  |
| 104     | Cover Page Interactive Data File (formatted as an inline XBRL and contained in Exhibit 101).                                                                                                                          |  |

----

|              |                                    |  |                                                                                           |  |  |  |  |  |  |  |  |
|--------------|------------------------------------|--|-------------------------------------------------------------------------------------------|--|--|--|--|--|--|--|--|
|         | Glatfelter Corporation(Registrant) |
|         |                               |  |                                                                                      |
| May 10, 2022 |                               |  |                                                                                      |
|         |                               |  |                                                                                      |
|         | By                                 |  | /s/ David C. Elder                                                                |
|         |                               |  |  David C. Elder                                                                      |
|         |                               |  |  Vice President, Finance and Chief Accounting Officer (Principal Accounting Officer) |