Mativ Holdings, Inc. ("Mativ" or the "Company") (NYSE: MATV) reported financial results for the three-months ended September 30, 2026.

Mativ Third Quarter 2026 Highlights¹

• Sales of $499.5 million decreased 2.8% year over year, and 2.3% on an organic basis, primarily due to the impact of the previously disclosed tornado
• GAAP loss of $1.2 million versus GAAP loss of $3.2 million in prior year period; GAAP EPS was $(0.03)
• Adjusted income was $17.5 million; Adjusted EPS was $0.31
• Adjusted EBITDA was $62.3 million, down 7% versus prior year period
• Year-to-date profitability and cash flow performance pacing ahead of strong prior year
  • Gross profit was $295.9 million, up 7% versus prior year
  • Cash provided by operating activities was $117.4 million, up 3% versus prior year period
  • Free cash flow was $90.5 million, up 5% versus prior year period

Management Commentary

“Mativ’s third quarter performance demonstrated continued momentum across the business, highlighted by the FAM segment’s strongest sales growth ever, driven by robust demand in Aerospace & Defense and Transportation,” said Shruti Singhal, Mativ's President and CEO. “Our disciplined execution — which positioned Mativ to deliver year-over-year third-quarter Adjusted EBITDA growth prior to the operational disruption from the July tornado in Wisconsin — and our strong cash generation give us confidence in delivering full-year financial performance ahead of the prior year.

“Our response to the tornado is further proof of Mativ’s resilience and execution capabilities. Recovery remains on plan and we expect inventory losses to be fully recoverable. The team's efforts to quickly restore customer supply have earned strong praise from our customers. I want to thank our crisis management team and all employees for their exceptional customer commitment and dedication while navigating this challenge.

“With this solid operational foundation in place, we are pivoting to growth and executing on initiatives that will accelerate sustainable, profitable revenue growth, driving increased customer and shareholder value.”

Mativ Third Quarter 2026 Financial Results

Filtration & Advanced Materials (FAM) segment sales, comprised primarily of filtration media and components, advanced films, coating and converting solutions, and extruded mesh products, were $218.5 million, up 11.6% on an organic basis, and 10.2% on a reported basis versus the prior year period, reflecting higher volume/mix, including the impact from an exited facility, and higher selling prices.

Adjusted EBITDA (see non-GAAP reconciliations) of $39.6 million increased 20.4% while Adjusted EBITDA margin of 18.1% increased 150 basis points versus prior year. Higher volume/mix and favorable price vs. cost performance were partially offset by higher manufacturing costs.

Sustainable & Adhesive Solutions (SAS) segment sales, comprised primarily of tapes, labels, liners, specialty paper, packaging and healthcare solutions, of $281.0 million were down 10.9% versus the prior year period primarily due to the effects of the July tornado incident on our Paper & Packaging business. Lower volume/mix including in Healthcare, and unfavorable currency were partially offset by higher selling prices.

Adjusted EBITDA (see non-GAAP reconciliations) of $32.6 million decreased 24.7% while Adjusted EBITDA margin of 11.6% decreased 210 basis points compared to the prior year period. Lower volume/mix and higher distribution expenses were partially offset by favorable price vs. cost performance.

GAAP operating expenses decreased $0.6 million year-over-year, and adjusted unallocated expenses (EBITDA) (see non-GAAP reconciliations) increased $0.5 million versus prior year.

Interest expense was $18.1 million versus $17.7 million in the prior year period, mainly due to higher average rates on the floating portion of our outstanding debt in 2026.

Other expense, net was $0.4 million and compared to other expense of $3.9 million in the prior year period. The improvement was primarily attributed to pension costs and foreign currency losses in 2025.

Tax expense was $2.6 million and tax rate was 185.7% for the three months ended September 30, 2026, primarily driven by our geographical earnings mix and our inability to benefit from losses in certain jurisdictions that have a full valuation allowance.

Non-GAAP Adjustments reflect items included in GAAP gross profit, income, and EPS, but excluded from adjusted results (see non-GAAP reconciliation tables for additional details). The most significant adjustments to the third quarter 2026 results were:

• $0.26 per share of purchase accounting expenses (purchase accounting expenses reflect primarily ongoing non-cash intangible asset amortizations associated with mergers and acquisitions)
• $0.08 per share of restructuring, restructuring related, and impairment expenses

Cash Flow & Debt

Year-to-date 2026 cash provided by operating activities was $117.4 million. Capital spending totaled $26.9 million. Working capital was a $11.9 million source of cash due to the impact of an increase in accounts payable and other current liabilities and accrued income taxes, partially offset by an increase in accounts receivable and inventories.

Total debt was $976.4 million as of September 30, 2026, an improvement of $52.5 million year-over-year. Cash and cash equivalents was $97.3 million. The resulting net debt was $879.1 million. Total liquidity was approximately $373.5 million, consisting of $97.3 million of Cash and cash equivalents and $276.2 million of revolver availability. The Company's debt is expected to mature on a staggered basis through 2033.

Dividends

On November 4, 2026, the Company announced its next quarterly cash dividend of $0.10 per share payable on December 18, 2026 to stockholders of record as of November 27, 2026.

Conference Call

Mativ will hold a conference call to review third quarter 2026 results with investors and analysts at 8:30 a.m. Eastern time on Thursday, November 5, 2026. 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.