Investment Adviser PRIMECAP Holds 33.2M Mattel Shares (10.29%)

Rhea-AI Filing Summary

PRIMECAP MANAGEMENT CO/CA reports beneficial ownership of 33,238,861 shares of Mattel common stock, equal to 10.29% of the class. The filer indicates sole voting power over 32,680,175 shares and sole dispositive power over 33,238,861 shares, with no shared voting or dispositive power reported. The filing identifies PRIMECAP as an investment adviser (Type: IA) and includes a certification that the securities are held in the ordinary course of business and not for the purpose of changing or influencing control. The Vanguard PRIMECAP Fund is separately noted as having an interest exceeding 5%.

This places PRIMECAP among Mattel's largest institutional shareholders and shows it retains full authority to vote and dispose of the shares it reports, while representing the position as passive under the filing's certification.

Positive

• Material ownership: Beneficially owns 33,238,861 shares, representing 10.29% of Mattel common stock.
• Clear authority: Reports sole voting power of 32,680,175 shares and sole dispositive power of 33,238,861, with no shared powers.

Negative

• None.

Insights

Financial Analyst

TL;DR: PRIMECAP holds a material 10.29% passive stake in Mattel with full voting and dispositive authority over the reported shares.

The reported 33,238,861-share position represents a material institutional holding that can influence perceptions of shareholder base concentration. The filer reports sole voting power for 32,680,175 shares and sole dispositive power for the full 33,238,861 shares, indicating centralized control of voting and disposition within the reporting entity. The filing is made under a Schedule 13G posture with a certification that the stake is held in the ordinary course and not to influence control, which suggests a passive ownership stance rather than an activist intent.

Corporate Governance Expert

TL;DR: A 10.29% holding is governance-relevant but the filing states the position is passive, limiting immediate governance implications.

From a governance perspective, the combination of a double-digit ownership percentage and reported sole voting power makes PRIMECAP a significant shareholder whose votes will matter on major corporate decisions. However, the explicit certification that the securities are not held to change or influence control frames the stake as passive under Schedule 13G conventions. Investors should note the separate disclosure that the Vanguard PRIMECAP Fund also exceeds a 5% interest, which may affect how share ownership is aggregated across related funds.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 10)

Mattel, Inc.

(Name of Issuer)

COM

(Title of Class of Securities)

577081102

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 577081102

1

Names of Reporting Persons

PRIMECAP MANAGEMENT CO/CA/

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 32,680,175.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 33,238,861.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

33,238,861.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.29 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Mattel, Inc.
(b)	Address of issuer's principal executive offices: 333 Continental Boulevard, El Segundo, CALIFORNIA 90245-5012
Item 2.
(a)	Name of person filing: PRIMECAP MANAGEMENT CO/CA/
(b)	Address or principal business office or, if none, residence: 177 EAST COLORADO BLVD. 11TH FLOOR PASADENA, California 91105
(c)	Citizenship: PRIMECAP MANAGEMENT CO/CA/ - UNITED STATES
(d)	Title of class of securities: COM
(e)	CUSIP No.: 577081102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 33,238,861
(b)	Percent of class: 10.29 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: PRIMECAP MANAGEMENT CO/CA/ - 32,680,175
	(ii) Shared power to vote or to direct the vote: PRIMECAP MANAGEMENT CO/CA/ - 0
	(iii) Sole power to dispose or to direct the disposition of: PRIMECAP MANAGEMENT CO/CA/ - 33,238,861
	(iv) Shared power to dispose or to direct the disposition of: PRIMECAP MANAGEMENT CO/CA/ - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Various Persons have the right to receive, or the power to direct the receipt of, dividends from, or proceeds from the sale of, with respect to the securities as to which this Schedule is filed. No one Person here has an interest more than five percent of this class of securities except as follows: Vanguard PRIMECAP Fund has an interest of more than five percent of the total outstanding common stock of Mattel, Inc.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

PRIMECAP MANAGEMENT CO/CA/

Signature:	Jorge A. Rodriguez
Name/Title:	Deputy Chief Compliance Officer
Date:	08/13/2025

FAQ

How many Mattel (MAT) shares does PRIMECAP own?

PRIMECAP beneficially owns 33,238,861 shares, representing 10.29% of Mattel's common stock.

What voting and dispositive powers does PRIMECAP report for MAT?

PRIMECAP reports sole voting power over 32,680,175 shares and sole dispositive power over 33,238,861 shares; no shared voting or dispositive power is reported.

Is PRIMECAP filing as an investment adviser and is the stake passive?

The filing classifies PRIMECAP as an investment adviser (IA) and includes a certification that the securities are held in the ordinary course of business and not to change or influence control.

Does any other entity hold more than 5% of Mattel?

Yes, the filing notes that the Vanguard PRIMECAP Fund has an interest of more than 5% of Mattel's outstanding common stock.

Which class of Mattel stock is reported in the filing?

The filing concerns Mattel's common stock (COM).