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Mativ Announces Third Quarter 2025 Results


ALPHARETTA, GA, November 5, 2025 -– Mativ Holdings, Inc. ("Mativ" or the "Company") (NYSE: MATV) reported earnings results for the three months ended September 30, 2025.

Adjusted measures are reconciled to GAAP at the end of this release. Financial comparisons are versus the prior year period unless stated otherwise. Figures may not sum to total due to rounding.

Mativ Third Quarter 2025 Highlights

•Sales of $513.7 million increased 3.0% year over year, and 5.2% on an organic basis
•GAAP loss was $3.2 million, GAAP EPS was $(0.06)
•Adjusted EBITDA was $66.8 million, Adjusted income was $21.6 million, and Adjusted EPS was $0.39, (see non-GAAP reconciliations). Adjusted EBITDA increased 10% versus the prior year period, as favorable relative price versus input cost performance, higher organic volume across both segments, and lower manufacturing costs were partially offset by higher distribution costs and unfavorable unallocated expenses.
•Strongest adjusted EBITDA margin since the 2022 merger at 13%, and an increase of 80 basis points versus the prior year.
•Cash from operating activities of $72.8 million, and free cash flow of $66.7 million, up 94% and 179%, respectively, versus the prior year period.
•Combined, Q2 and Q3 represent the strongest two consecutive quarters since the merger, for both adjusted EBITDA and free cash flow.

Management Commentary

“We delivered one of our strongest quarters since the formation of Mativ three years ago,” said Shruti Singhal, Mativ President and CEO. "With our highest adjusted EBITDA margin and second-highest free cash flow delivery, our third quarter results reflect significant improvements both sequentially and year over year. The main drivers of our performance versus prior year were organic volume increases in both segments and disciplined price versus input cost management.

Our strong results over the last two quarters demonstrate that Mativ is on the right track to deliver on the strategic priorities as well as the commercial and operational goals which we committed to at the start of this year. We continue to operate at an increased pace of execution and a renewed sense of urgency to deliver on commitments to our customers and drive value for our shareholders."






Mativ Third Quarter 2025 Financial Results
Filtration & Advanced Materials (FAM)Three Months Ended September 30,
(in millions; unaudited)20252024Change20252024
Net Sales $198.3 $189.6 $8.7 
GAAP Operating Profit & Margin %
$11.4 $19.9 $(8.5)5.7 %10.5 %
Adjusted EBITDA & Margin %$36.9 $36.5 $0.4 18.6 %19.3 %

Filtration & Advanced Materials (FAM) segment sales, comprised primarily of filtration media and components, advanced films, coating and converting solutions, and extruded mesh products, were $198.3 million, up 4.6% versus the prior year period, reflecting higher volume/mix and favorable currency translation partially offset by lower selling prices.

GAAP Operating Profit in 2025 included $9.6 million of restructuring expenses, compared to $0.8 million in 2024. Adjusted EBITDA (see non-GAAP reconciliations) increased 1.1% versus prior year as higher volume/mix was partially offset by higher manufacturing costs.

Sustainable & Adhesive Solutions (SAS)Three Months Ended September 30,
(in millions; unaudited)20252024Change20252024
Net Sales $315.4 $308.9 $6.5 
GAAP Operating Profit & Margin %$28.4 $10.3 $18.1 9.0 %3.3 %
Adjusted EBITDA & Margin %$48.3 $41.0 $7.3 15.3 %13.3 %

Sustainable & Adhesive Solutions (SAS) segment sales, comprised primarily of tapes, labels, liners, specialty paper, packaging and healthcare solutions, of $315.4 million were up 5.6% on an organic basis, and up 2.1%, on a reported basis, versus the prior year period. Higher organic volume, higher selling prices, and favorable currency translation were partially offset by sales associated with closed and divested plants.

GAAP Operating Profit in 2025 included $1.0 million in restructuring expenses, compared to $10.5 million of restructuring and other impairment expenses in 2024. Adjusted EBITDA (see non-GAAP reconciliations) and margin increased 17.8% and 200 basis points, respectively, compared to the prior year period, as favorable net selling price versus input cost performance, lower manufacturing costs and lower SG&A expenses were partially offset by unfavorable mix and higher distribution costs.

UnallocatedThree Months Ended September 30,
(in millions; unaudited)20252024Change20252024
GAAP Operating Expense & % of Sales$(23.8)$(23.2)$(0.6)(4.6)%(4.7)%
Adjusted EBITDA & % of Sales
$(18.4)$(16.7)$(1.7)(3.6)%(3.4)%

GAAP operating expenses in 2025 included $0.3 million in organizational realignment costs.

Adjusted unallocated expenses (EBITDA) (see non-GAAP reconciliations) increased $1.7 million versus prior year primarily driven by the timing of employee-related expenses.

Interest expense was $17.7 million versus $18.3 million in the prior year period.

Other expense, net was $3.9 million and decreased $8.8 million compared with the prior year primarily driven by losses on asset sales and foreign currency in the prior year period.

Tax was a 42.9% benefit for the three months ended September 30, 2025, driven by a one-time adjustment and mix of earnings.


Non-GAAP Adjustments reflect items included in GAAP operating profit, income, and EPS, but excluded from adjusted results (see non-GAAP reconciliation tables for additional details). The most significant adjustment to the third quarter 2025 results were:

•$0.27 per share of purchase accounting expenses (purchase accounting expenses reflect primarily ongoing non-cash intangible asset amortizations associated with mergers and acquisitions)
•$0.18 per share due to restructuring, restructuring related, and other impairment expenses

Cash Flow & Debt

Year-to-date 2025 cash provided by operating activities was $114.5 million. Capital spending and software costs totaled $28.7 million. Working capital was a $22.5 million source of cash due to the impact of a decrease in inventories and increase in accounts payable and other current liabilities partially offset by an increase in accounts receivable.

Total debt was $1,028.9 million as of September 30, 2025 and Cash and cash equivalents was $97.1 million resulting in net debt of $931.8 million. Total liquidity was approximately $517 million, consisting of $97 million of Cash and cash equivalents and $420 million of revolver availability. The Company's debt matures on a staggered basis between 2027 and 2029.

Dividend & Share Repurchases

On November 5, 2025 the Company announced its next quarterly cash dividend of $0.10 per share payable on December 19, 2025 to stockholders of record as of November 28, 2025.

During the third quarter, the Company did not repurchase shares.

Conference Call

Mativ will hold a conference call to review third quarter 2025 results with investors and analysts at 8:30 a.m. Eastern time on Thursday, November 6, 2025. The earnings conference call will be simultaneously broadcast over the Internet at http://ir.mativ.com. To listen to the call, please go to the Company’s website at least 15 minutes prior to the call to register and to download and install any necessary audio software. For those unable to listen to the live broadcast, a replay will be available on the Company’s website shortly after the call.

About Mativ

Mativ Holdings, Inc. is a global leader in specialty materials, solving our customers’ most complex challenges by engineering bold, innovative solutions that connect, protect and purify our world. Headquartered in Alpharetta, Georgia, we manufacture on three continents and generate sales in over 80 countries through our family of business-to-business and consumer product brands. The company’s two operating segments, Filtration & Advanced Materials and Sustainable & Adhesive Solutions, target premium applications across diversified and growing categories. Our broad portfolio of technologies combines polymers, fibers and resins to optimize the performance of our customers’ products across multiple stages of the value chain. Our leading positions are a testament to our best-in-class global manufacturing, supply chain and materials science capabilities. We drive innovation and enhance performance, finding potential in the impossible.


Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") that are subject to the safe harbor created by the Act and other legal protections. Forward-looking statements include, without limitation, those regarding the adequacy of our sources of liquidity and capital, our expectations regarding dividends and share repurchases, the amount of capital spending and/or common stock repurchases, future cash flows, purchase accounting impacts, and other statements generally identified by words such as "believe," "expect," "intend," "guidance," "plan," "forecast," "potential," "anticipate," "confident," "project," "appear," "future," "should," "likely," "could," "may," "will," "typically" and similar words.

These forward-looking statements are prospective in nature and not based on historical facts, but rather on current expectations and on numerous assumptions regarding the business strategies and the environment in which the Company’s business shall operate in the future and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that may cause actual results to differ materially from our expectations as of the date of this release. These risks include, among other things, the following factors:

•Risks associated with the implementation of our strategic growth initiatives, including diversification, and the Company's understanding of, and entry into, new industries and technologies;
•Risks associated with acquisitions, dispositions, strategic transactions and global asset realignment initiatives of Mativ;
•Adverse changes in our end-market sectors impacting key customers;
•Changes in the source and intensity of competition in our commercial end-markets;
•Adverse changes in sales or production volumes, pricing and/or manufacturing costs;
•Seasonal or cyclical market and industry fluctuations which may result in reduced net sales and operating profits during certain periods;
•Risks associated with our technological advantages in our intellectual property and the likelihood that our current technological advantages are unable to continue indefinitely;
•Supply chain disruptions, including the failure of one or more material suppliers, including energy, resin, fiber, and chemical suppliers, to supply materials as needed to maintain our product plans and cost structure;
•Increases in operating costs due to inflation and continuing increases in the inflation rate or otherwise, such as labor expense, compensation and benefits costs;
•Our ability to attract and retain key personnel, labor shortages, labor strikes, stoppages or other disruptions;
•Changes in general economic, financial and credit conditions in the U.S., Europe, China and elsewhere, including the impact thereof on currency exchange rates (including any weakening of the Euro) and on interest rates;
•A failure in our risk management and/or currency or interest rate swaps and hedging programs, including the failures of any insurance company or counterparty;
•Changes in the manner in which we finance our debt and future capital needs, including potential acquisitions;
•Changes in tax rates, the adoption of new U.S. or international tax legislation or exposure to additional tax liabilities;
•Uncertainty as to the long-term value of the common stock of Mativ;
•Changes in employment, wage and hour laws and regulations in the U.S. and elsewhere, including unionization rules and regulations by the National Labor Relations Board, equal pay initiatives, additional anti-discrimination rules or tests and different interpretations of exemptions from overtime laws;
•The impact of tariffs, the imposition of any future additional tariffs and other trade barriers, the effects of retaliatory trade measures, and the impact of tariff uncertainty on macroeconomic conditions;
•Existing and future governmental regulation and the enforcement thereof that may materially restrict or adversely affect how we conduct business and our financial results;
•Weather conditions, including potential impacts, if any, from climate change, known and unknown, and natural disasters or unusual weather events;
•International conflicts and disputes, such as the ongoing conflict between Russia and Ukraine, the war between Israel and Hamas and the broader regional conflict in the Middle East, which restrict our ability to supply products into affected regions, due to the corresponding effects on demand, the application of international sanctions, or practical consequences on transportation, banking transactions, and other commercial activities in troubled regions;


•Compliance with the FCPA and other anti-corruption laws or trade control laws, as well as other laws governing our operations;
•Risks associated with pandemics and other public health emergencies;
•The number, type, outcomes (by judgment or settlement) and costs of legal, tax, regulatory or administrative proceedings, litigation and/or amnesty programs;
•Increased scrutiny from stakeholders related to environmental, social and governance ("ESG") matters, as well as our ability to achieve our broader ESG goals and objectives;
•Costs and timing of implementation of any upgrades or changes to our information technology systems;
•Failure by us to comply with any privacy or data security laws or to protect against theft of customer, employee and corporate sensitive information;
•Information technology system failures, data security breaches, network disruptions, and cybersecurity events; and
•Other factors described elsewhere in this document and from time to time in documents that we file with the SEC.

All forward-looking statements made in this document are qualified by these cautionary statements. Forward-looking statements herein are made only as of the date of this document, and Mativ undertakes no obligation, other than as may be required by law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, or changes in future operating results over time or otherwise. For a more detailed discussion of these factors, also see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Mativ's most recent annual report on Form 10-K for the year ended December 31, 2024 and any material updates to these factors contained in any of Mativ’s future filings with the SEC. The discussion of these risks is specifically incorporated by reference into this release. The financial results reported in this release are unaudited.

Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance unless expressed as such and should only be viewed as historical data. The financial results reported in this release are unaudited.





Non-GAAP Financial Measures

Certain financial measures and comments contained in this press release exclude restructuring and impairment expenses, certain purchase accounting adjustments related to prior acquisitions, organizational realignment and integration costs, divestiture costs, interest expense, stock compensation expense, inventory step-up expense, the effect of income tax provisions and other tax impacts, capital spending, capitalized software costs, cloud-based software costs and depreciation and amortization. This press release also provides certain information regarding the Company's financial results excluding currency impacts. This information estimates the impact of changes in foreign currency rates on the translation of the Company's current financial results as compared to the applicable comparable period and is derived by translating the current local currency results into U.S. Dollars based upon the foreign currency exchange rates for the applicable comparable period. Financial measures which exclude or include these items have not been determined in accordance with accounting principles generally accepted in the United States (GAAP) and are therefore "non-GAAP" financial measures. Reconciliations of these non-GAAP financial measures to the most closely analogous measure determined in accordance with GAAP are included in the financial schedules attached to this release.

The Company believes that the presentation of non-GAAP financial measures in addition to the related GAAP measures provides investors with greater transparency on the information used by the Company’s management in its financial and operational decision-making. Management also believes that the non-GAAP financial measures provide additional insight for analysts and investors in evaluating the Company’s financial and operational performance in the same way that management evaluates the Company's financial performance. Management believes that providing this information enables investors to better understand the Company’s operating performance and financial condition. These non-GAAP financial measures are not calculated or presented in accordance with, and are not intended to be considered in isolation or as alternatives or substitutes for, or superior to, financial measures prepared and presented in accordance with GAAP, and should be read only in conjunction with the Company's financial measures prepared and presented in accordance with GAAP. The non-GAAP financial measures used in this release may be different from the measures used by other companies.























SOURCE: Mativ Holdings, Inc.

CONTACT

Chris Kuepper, IRC
Director, Investor Relations
+1-770-569-4229

Website: http://www.mativ.com


MATIV HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in millions, except per share amounts)
(Unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
 20252024% Change20252024% Change
Net sales$513.7 $498.5 3.0%$1,523.9 $1,522.5 0.1%
Cost of products sold414.3 404.9 2.3%1,248.2 1,236.0 1.0%
Gross profit
99.4 93.6 6.2%275.7 286.5 (3.8)%
Selling and general expense53.7 54.3 (1.1)%174.2 181.0 (3.8)%
Research and development expense5.6 5.7 (1.8)%18.6 17.5 6.3%
Intangible asset amortization expense16.0 15.4 3.9%47.3 46.9 0.9%
Total nonmanufacturing expenses75.3 75.4 (0.1)%240.1 245.4 (2.2)%
Goodwill impairment expense— — N.M.411.9 — N.M.
Restructuring and other impairment expense8.1 11.2 (27.7)%18.2 37.4 (51.3)%
Operating profit (loss)
16.0 7.0 N.M.(394.5)3.7 N.M.
Interest expense17.7 18.3 (3.3)%54.1 55.0 (1.6)%
Other expense, net
(3.9)(12.7)(69.3)%(4.2)(12.1)(65.3)%
Loss before income taxes
(5.6)(24.0)(76.7)%(452.8)(63.4)N.M.
Income tax benefit, net
(2.4)(3.2)(25.0)%(14.6)(13.2)10.6%
Net loss
$(3.2)$(20.8)(84.6)%$(438.2)(50.2)N.M.
Net loss per share:
  
Basic$(0.06)$(0.38)(84.2)%$(8.04)$(0.93)N.M.
Diluted$(0.06)$(0.38)(84.2)%$(8.04)$(0.93)N.M.
Weighted average shares outstanding:  
Basic54,671,900 54,327,500 54,582,100 54,305,800 
Diluted54,671,900 54,327,500 54,582,100 54,305,800 

N.M. - Not Meaningful



MATIV HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions)
(Unaudited)

September 30,
2025		December 31,
2024
ASSETS  
Cash and cash equivalents$97.1 $94.3 
Restricted cash5.8 — 
Accounts receivable, net200.6 162.4 
Inventories, net330.3 355.1 
Income taxes receivable16.7 20.6 
Other current assets21.9 25.7 
Total current assets672.4 658.1 
Property, plant and equipment, net614.6 620.3 
Finance lease right-of-use assets16.2 16.2 
Operating lease right-of-use assets49.9 46.4 
Deferred income tax assets0.1 8.1 
Goodwill57.3 465.6 
Intangible assets, net528.9 553.4 
Other assets62.1 79.8 
Total assets$2,001.5 $2,447.9 
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current debt$2.9 $2.6 
Finance lease liabilities 1.7 1.6 
Operating lease liabilities9.2 9.5 
Accounts payable185.1 151.7 
Income taxes payable2.7 8.4 
Accrued expenses and other current liabilities113.1 100.7 
Total current liabilities314.7 274.5 
Long-term debt1,026.0 1,086.7 
Finance lease liabilities, noncurrent 16.4 16.3 
Operating lease liabilities, noncurrent40.0 36.4 
Pension and other postretirement benefits56.0 54.3 
Deferred income tax liabilities80.6 100.9 
Other liabilities70.4 20.3 
Total liabilities1,604.1 1,589.4 
Stockholders' equity:  
Preferred stock, $0.10 par value; 10,000,000 shares authorized; none issued or outstanding
— — 
Common stock, $0.10 par value; 100,000,000 shares authorized; 54,681,114 and 54,335,830 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively
5.5 5.4 
Additional paid-in-capital682.6 675.7 
Retained earnings (accumulated deficit)
(290.9)164.3 
Accumulated other comprehensive income, net of tax
0.2 13.1 
Total stockholders' equity397.4 858.5 
Total liabilities and stockholders' equity$2,001.5 $2,447.9 


MATIV HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(in millions)
(Unaudited)

 Nine Months Ended September 30,
 20252024
Operating
Net loss
$(438.2)$(50.2)
Adjustments to reconcile Net loss to Net cash provided by operations:
  
Depreciation and amortization106.3 108.4 
Amortization of deferred issuance costs6.2 5.9 
Goodwill impairment411.9 — 
Other impairments11.3 16.2 
Deferred income tax(19.5)(22.2)
Pension and other postretirement benefits(2.9)(4.5)
Stock-based compensation8.6 8.7 
(Gain) loss on sale of assets
(0.8)9.7 
Loss on foreign currency transactions
5.8 3.0 
Other non-cash items6.8 (2.9)
Other operating(3.5)(2.2)
Net changes in operating working capital22.5 0.8 
Net cash provided by operations
114.5 70.7 
Investing  
Capital spending(28.7)(32.9)
Proceeds from sale of assets2.9 4.5 
Cash received from (paid on) settlement of cross-currency swap contracts
3.4 (1.7)
Other investing(0.6)0.7 
Net cash used in investing of:
Continuing operations
(23.0)(29.4)
   Discontinued operations
— (12.0)
Net cash used in investing
(23.0)(41.4)
Financing  
Cash dividends paid(16.8)(16.2)
Proceeds from long-term debt64.0 127.0 
Payments on long-term debt(131.1)(97.0)
Payments on financing lease obligations(2.5)(0.8)
Shares withheld for employee taxes(1.4)(0.8)
Net cash provided by (used in) financing
(87.8)12.2 
Effect of exchange rate changes on Cash and cash equivalents and Restricted cash4.9 0.5 
Increase in cash and cash equivalents and Restricted cash
8.6 42.0 
Cash and cash equivalents and Restricted cash at beginning of period94.3 120.2 
Cash and cash equivalents and Restricted cash at end of period$102.9 $162.2 


MATIV HOLDINGS, INC. AND SUBSIDIARIES
BUSINESS SEGMENT REPORTING
(in millions)
(Unaudited)


Segment Results
 Three Months Ended September 30,Nine Months Ended September 30,
 20252024% Change20252024% Change
Net sales
FAM$198.3 $189.6 4.6 %$590.3 $598.7 (1.4)%
SAS315.4 308.9 2.1 %933.6 923.8 1.1 %
Total Consolidated$513.7 $498.5 3.0 %$1,523.9 $1,522.5 0.1 %
Cost of products sold
FAM$155.8 $145.4 7.2 %$466.8 $459.4 1.6 %
SAS258.5 259.5 (0.4)%781.4 776.6 0.6 %
Consolidated$414.3 $404.9 2.3 %$1,248.2 $1,236.0 1.0 %
Total nonmanufacturing expenses
FAM$24.0 $23.5 2.1 %$72.3 $74.4 (2.8)%
SAS27.5 28.7 (4.2)%84.5 88.3 (4.3)%
Total segments51.5 52.2 (1.3)%156.8 162.7 (3.6)%
Unallocated23.8 23.2 2.6 %83.3 82.7 0.7 %
Consolidated$75.3 $75.4 (0.1)%$240.1 $245.4 (2.2)%
Restructuring and impairment
FAM$7.1 $0.7 N.M.$427.2 $5.2 N.M.
SAS1.0 10.4 (90.4)%1.5 28.8 (94.8)%
Total segments8.1 11.1 (27.0)%428.7 34.0 N.M.
Unallocated— 0.1 N.M.1.4 3.4 (58.8)%
Consolidated$8.1 $11.2 (27.7)%$430.1 $37.4 N.M.

Operating profit (loss)
Three Months Ended September 30,Nine Months Ended September 30,
 Return on Net SalesReturn on Net Sales
 20252024202520242025202420252024
FAM$11.4 $19.9 5.7 %10.5 %$(376.0)$59.7 (63.7)%10.0 %
SAS28.4 10.3 9.0 %3.3 %66.2 30.1 7.1 %3.3 %
Unallocated(23.8)(23.2)(4.6)%(4.7)%(84.7)(86.1)(5.6)%(5.7)%
Total Consolidated$16.0 $7.0 3.1 %1.4 %$(394.5)$3.7 (25.9)%0.2 %



Non-GAAP Adjustments to Operating Profit (Loss)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
FAM - Amortization of intangibles and other purchase accounting adjustments$8.8 $8.7 $26.1 $26.0 
FAM - Restructuring, restructuring related, and impairment expenses9.6 0.8 429.7 5.2 
FAM - Organizational realignment and integration costs(2)
— 0.1 — 0.2 
SAS - Amortization of intangibles and other purchase accounting adjustments7.2 7.1 21.3 21.3 
SAS - Restructuring, restructuring related, and impairment expenses1.0 10.5 1.5 28.2 
SAS - Organizational realignment and integration costs(2)
— — — (0.1)
Unallocated - Restructuring, restructuring related, and impairment expenses— — 1.4 3.4 
Unallocated - Organizational realignment and integration costs(2)
0.3 1.5 11.4 8.0 
Unallocated - Divestiture costs0.3 0.4 1.4 3.6 
Unallocated - Financing fees(1)
2.0 2.3 5.9 6.9 
Unallocated - Amortization of cloud-based software costs0.4 0.1 1.0 0.3 
Total Consolidated$29.6 $31.5 $499.7 $103.0 
(1) Financing fees incurred for the Receivables Sales Agreement.
(2) Costs associated with the organizational realignment plan (“the Plan”) announced on January 24, 2024 totaled $0.3 million and $0.7 million for the three months ended September 30, 2025 and 2024, respectively, and $11.4 million and $3.7 million for the nine months ended September 30, 2025 and 2024, respectively, which included advisory fees, system-related initiatives, and CEO transition costs. Integration costs totaled $0.8 million and $4.4 million for the three and nine months ended September 30, 2024, respectively, which included stock-based compensation, employee compensation, and consulting fees.

Adjusted Operating Profit
 Three Months Ended September 30,Nine Months Ended September 30,
 Return on Net SalesReturn on Net Sales
 20252024202520242025202420252024
FAM$29.8 $29.5 15.0 %15.6 %$79.8 $91.1 13.5 %15.2 %
SAS36.6 27.9 11.6 %9.0 %89.0 79.5 9.5 %8.6 %
Unallocated(20.8)(18.9)(4.0)%(3.8)%(63.6)(63.9)(4.2)%(4.2)%
Total Consolidated$45.6 $38.5 8.9 %7.7 %$105.2 $106.7 6.9 %7.0 %

Non-GAAP Adjustments to Adjusted Operating Profit
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
FAM - Depreciation$6.9 $6.7 $20.4 $20.2 
FAM - Stock-based compensation(1)
0.2 0.3 0.6 0.7 
SAS - Depreciation11.4 12.6 36.8 39.4 
SAS - Stock-based compensation(1)
0.3 0.5 1.1 0.6 
Unallocated - Depreciation0.4 0.6 1.7 1.5 
Unallocated - Stock-based compensation(1)
2.0 1.6 5.4 4.1 
Total Consolidated$21.2 $22.3 $66.0 $66.5 
(1) Stock-based compensation excludes stock-based compensation included in restructuring and organizational realignment and integration costs.

Adjusted EBITDA
 Three Months Ended September 30,Nine Months Ended September 30,
 Return on Net SalesReturn on Net Sales
 20252024202520242025202420252024
FAM$36.9 $36.5 18.6 %19.3 %$100.8 $112.0 17.1 %18.7 %
SAS48.3 41.0 15.3 %13.3 %126.9 119.5 13.6 %12.9 %
Unallocated(18.4)(16.7)(3.6)%(3.4)%(56.5)(58.3)(3.7)%(3.8)%
Total Consolidated$66.8 $60.8 13.0 %12.2 %$171.2 $173.2 11.2 %11.4 %


Non-GAAP Reconciliation of Organic Net Sales Growth
FAMSASConsolidated Mativ
Three Months Ended September 30,
Mativ 2024 Net Sales$189.6 $308.9 $498.5 
Divestiture/closure adjustments— (10.3)(10.3)
Mativ 2024 comparable Net Sales$189.6 $298.6 $488.2 
Mativ 2025 Net Sales
$198.3 $315.4 $513.7 
Divestiture/closure adjustments— — — 
Mativ 2025 comparable Net Sales
$198.3 $315.4 $513.7 
Organic growth4.6 %5.6 %5.2 %
Currency effects on 2025
$3.5 $4.3 $7.8 
Mativ 2025 comparable Net Sales with Currency Adjustment
$194.8 $311.1 $505.9 
Organic constant currency growth2.7 %4.2 %3.6 %



MATIV HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DATA
(in millions, except per share amounts)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Operating profit (loss)
$16.0 $7.0 $(394.5)$3.7 
Plus: Restructuring, restructuring related, and impairment expenses10.6 11.3 20.7 36.8 
Plus: Goodwill impairment— — 411.9 — 
Plus: Purchase accounting adjustments16.0 15.8 47.4 47.3 
Plus: Organizational realignment and integration costs0.3 1.6 11.4 8.1 
Plus: Divestiture costs0.3 0.4 1.4 3.6 
Plus: Financing fees2.0 2.3 5.9 6.9 
Plus: Amortization of cloud-based software costs0.4 0.1 1.0 0.3 
Adjusted operating profit$45.6 $38.5 $105.2 $106.7 
Net loss
$(3.2)$(20.8)$(438.2)$(50.2)
Plus: Restructuring, restructuring related, and impairment expenses9.7 10.7 19.4 31.8 
Plus: Goodwill impairment— — 347.2 — 
Plus: Gain/loss on sale of assets— 5.8 — 5.8 
Plus: Purchase accounting adjustments14.7 12.2 43.7 36.5 
Plus: Organizational realignment and integration costs0.3 1.2 11.4 6.1 
Plus: Divestiture costs0.3 0.3 1.4 2.8 
Plus: Other— 1.1 — 1.1 
Plus: Change of valuation allowance on tax attributes(0.2)— 49.4 — 
Plus: Tax legislative changes, net of other discrete items— 0.5 (0.2)(2.8)
Adjusted income (loss)$21.6 $11.0 $34.1 $31.1 
Earnings (loss) per share - diluted $(0.06)$(0.38)$(8.04)$(0.93)
Plus: Restructuring, restructuring related, and impairment expenses0.18 0.20 0.35 0.58 
Plus: Goodwill impairment— — 6.32 — 
Plus: Gain/loss on sale of assets— 0.11 — 0.11 
Plus: Purchase accounting adjustments0.27 0.22 0.80 0.67 
Plus: Organizational realignment and integration costs— 0.02 0.20 0.11 
Plus: Divestiture costs— 0.01 0.02 0.05 
Plus: Other— 0.02 — 0.02 
Plus: Change of valuation allowance on tax attributes— — 0.91 — 
Plus: Tax legislative changes, net of other discrete items— 0.01 — (0.05)
Adjusted Earnings (loss) per share - diluted$0.39 $0.21 $0.56 $0.56 






MATIV HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DATA
(in millions, except per share amounts)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Net loss$(3.2)$(20.8)$(438.2)$(50.2)
Plus: Interest expense17.7 18.3 54.1 55.0 
Plus: Financing fees 2.0 2.3 5.9 6.9 
Plus: Provision for income taxes(2.4)(3.2)(14.6)(13.2)
Plus: Depreciation & amortization34.7 35.7 106.3 108.4 
Plus: Amortization of cloud-based software costs0.4 0.1 1.0 0.3 
Plus: Stock compensation expense2.5 2.4 7.1 5.4 
Plus: Restructuring, restructuring related, and impairment expenses10.6 11.3 20.7 36.8 
Plus: Goodwill impairment— — 411.9 — 
Plus: Organizational realignment and integration costs0.3 1.6 11.4 8.1 
Plus: Divestiture costs0.3 0.4 1.4 3.6 
Plus: Other income (expense), net3.9 12.7 4.2 12.1 
Adjusted EBITDA$66.8 $60.8 $171.2 $173.2 
Cash provided by operating activities
$72.8 $37.6 $114.5 $70.7 
Less: Capital spending(6.1)(12.1)(28.7)(32.9)
Less: Capitalized software costs— (0.4)— (0.5)
Less: Cloud-based software costs— (1.2)— (2.2)
Free cash flow$66.7 $23.9 $85.8 $35.1 
September 30, 2025December 31, 2024
Total debt$1,028.9 $1,089.3 
Less: Cash97.1 94.3 
Net debt$931.8 $995.0