Mativ Holdings Q3 loss narrows to $1.2M as sales fall
Nine-month gross profit rose 7.3% to $295.9 million, while operating cash flow was $117.4 million.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
10-Q
Mativ Holdings, Inc. (MATV) reported third-quarter 2026 net sales of $499.5 million, versus $513.7 million a year earlier, and a $1.2 million net loss versus $3.2 million. Filtration & Advanced Materials sales increased, while Sustainable & Adhesive Solutions sales declined, partly reflecting lower volume/mix from the Menasha tornado.
For the nine months ended September 30, 2026, net sales were $1,510.9 million and gross profit was $295.9 million, compared with $1,523.9 million and $275.7 million, respectively. Operating profit was $62.5 million versus an operating loss of $394.5 million, and net loss was $9.3 million versus $438.2 million. Operating cash flow was $117.4 million. At September 30, 2026, debt was $976.4 million and net leverage was 3.8x against a 5.00x maximum covenant ratio; Mativ was in compliance with all covenants under its Amended Credit Agreement.
A July 27, 2026 tornado destroyed a third-party distribution facility in Menasha, Wisconsin; Mativ recorded a $38.0 million insurance receivable and had received $5.0 million, with a $0.8 million loss from the event, net of insurance recoveries. Mativ announced a $0.10-per-share cash dividend payable December 18, 2026, to stockholders of record November 27, 2026.
1 point · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNine-month gross profit increased 7.3% to $295.9 million.
Negative
- None.
Key Figures
Net sales: $499.5 million (2025: $513.7 million)
Net loss: $1.2 million (2025: $3.2 million)
Gross profit: $295.9 million; 7.3% increase from $275.7 million
+4 more
7 metrics
Net sales
$499.5 million (2025: $513.7 million)
Three months ended September 30, 2026; comparison with 2025
Net loss
$1.2 million (2025: $3.2 million)
Three months ended September 30, 2026; comparison with 2025
Gross profit
$295.9 million; 7.3% increase from $275.7 million
Nine months ended September 30, 2026; comparison with 2025
Operating profit
$62.5 million (2025: operating loss of $394.5 million)
Nine months ended September 30, 2026; comparison with 2025
Cash provided by operations
$117.4 million (2025: $114.5 million)
Nine months ended September 30, 2026
Total debt
$976.4 million
As of September 30, 2026
Net leverage
3.8x; 5.00x maximum covenant ratio
At the end of the third quarter of 2026
Key Terms
net leverage, Receivables Sales Agreement, cash flow hedges, anti-dilutive
4 terms
net leverage financial
"net leverage was 3.8x at the end of the third quarter"
Net leverage measures how many years it would take for a company to pay off its outstanding debt using its annual operating cash flow, after subtracting cash on hand from total debt. Think of it like a household’s mortgage balance minus savings divided by yearly income; a lower number means the company is in a safer position to handle debt, while a higher number signals greater financial risk and potential pressure on profits or growth.
Receivables Sales Agreement financial
"amended the Receivables Sales Agreement to, among other things"
cash flow hedges financial
"fair value of cash flow hedges are reported"
A cash flow hedge is an accounting label companies use when they enter financial contracts—like currency or interest-rate agreements—to protect expected future cash payments or receipts from unpredictable moves. For investors, it signals that the company is trying to smooth out future cash variability (think of locking in a price to avoid surprises), which can reduce reported profit swings but also means the company has exposure to derivative instruments and their associated risks.
anti-dilutive financial
"their inclusion would be anti-dilutive"
A claim, security feature, or action described as anti-dilutive prevents or does not cause a reduction in existing shareholders’ per-share values when additional shares could be issued. For example, certain convertible securities or corporate actions are treated as anti-dilutive for earnings-per-share calculations if including them would raise EPS rather than lower it; investors watch this because it affects reported per-share metrics, ownership percentages, and valuation comparisons, like keeping pie slices the same size instead of making them smaller.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were MATV's third-quarter 2026 sales and net loss?
Mativ reported net sales of $499.5 million and a net loss of $1.2 million for the three months ended September 30, 2026, compared with $513.7 million and $3.2 million, respectively, in 2025.
What dividend did MATV announce?
Mativ announced a $0.10-per-share cash dividend, payable December 18, 2026, to stockholders of record November 27, 2026.
How much of MATV's revolving credit facility was undrawn?
As of September 30, 2026, $276.2 million was undrawn on the company's $305.0 million Revolving Facility.
When does MATV's Receivables Sales Agreement term end?
An amendment dated October 23, 2026, extended the Receivables Sales Agreement term until October 23, 2029.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| For the quarterly period ended | |||||||||||
OR
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. | |||||
| For the transition period from __________________to __________________ | |||||
(Commission file number)
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
1-770 -569-4229
(Registrant’s telephone number, including area code)
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | ☒ | |||||||||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||
| Emerging growth company | |||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | |||||||||||||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The Company had 55,191,997 shares of common stock outstanding as of November 2, 2026.
MATIV HOLDINGS, INC.
TABLE OF CONTENTS
| Page | |||||||||||
| Part I. - Financial Information | |||||||||||
| Item 1. | Financial Statements | 2 | |||||||||
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 26 | |||||||||
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 34 | |||||||||
| Item 4. | Controls and Procedures | 35 | |||||||||
| Part II. - Other Information | |||||||||||
| Item 1. | Legal Proceedings | 36 | |||||||||
| Item 1A. | Risk Factors | 36 | |||||||||
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 36 | |||||||||
| Item 3. | Defaults Upon Senior Securities | 36 | |||||||||
| Item 4. | Mine Safety Disclosures | 36 | |||||||||
| Item 5. | Other Information | 36 | |||||||||
| Item 6. | Exhibits | 37 | |||||||||
Signatures | 38 | ||||||||||
1
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
MATIV HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in millions, except per share amounts)
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net sales | $ | $ | $ | $ | |||||||||||||||||||
| Cost of products sold | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
| Selling and general expense | |||||||||||||||||||||||
| Research and development expense | |||||||||||||||||||||||
| Intangible asset amortization expense | |||||||||||||||||||||||
| Total nonmanufacturing expenses | |||||||||||||||||||||||
| Goodwill impairment expense | |||||||||||||||||||||||
| Restructuring and other impairment expense | |||||||||||||||||||||||
Operating profit (loss) | ( | ||||||||||||||||||||||
| Interest expense | |||||||||||||||||||||||
| Loss on debt extinguishment | |||||||||||||||||||||||
Other income (expense), net | ( | ( | ( | ||||||||||||||||||||
Income (loss) before income taxes | ( | ( | ( | ||||||||||||||||||||
Income tax expense (benefit), net | ( | ( | |||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net loss per share: | |||||||||||||||||||||||
| Basic | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| Diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| Weighted average shares outstanding: | |||||||||||||||||||||||
| Basic | |||||||||||||||||||||||
| Diluted | |||||||||||||||||||||||
2
MATIV HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
| Foreign currency translation adjustments | ( | ( | |||||||||||||||||||||
Unrealized loss on derivative instruments | ( | ( | ( | ( | |||||||||||||||||||
Net gain (loss) from postretirement benefit plans | ( | ( | |||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||
Comprehensive income (loss) | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3
MATIV HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)
(Unaudited)
September 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Restricted cash | |||||||||||
| Accounts receivable, net | |||||||||||
| Inventories, net | |||||||||||
| Income taxes receivable | |||||||||||
| Other current assets | |||||||||||
| Total current assets | |||||||||||
| Property, plant and equipment, net | |||||||||||
| Operating lease right-of-use assets | |||||||||||
| Deferred income tax assets | |||||||||||
| Goodwill | |||||||||||
| Intangible assets, net | |||||||||||
| Other assets | |||||||||||
| Total assets | $ | $ | |||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current debt | $ | $ | |||||||||
| Operating lease liabilities | |||||||||||
| Accounts payable | |||||||||||
| Income taxes payable | |||||||||||
| Accrued expenses and other current liabilities | |||||||||||
| Total current liabilities | |||||||||||
| Long-term debt | |||||||||||
| Finance lease liabilities, noncurrent | |||||||||||
| Operating lease liabilities, noncurrent | |||||||||||
| Pension and other postretirement benefits | |||||||||||
| Deferred income tax liabilities | |||||||||||
| Other liabilities | |||||||||||
| Total liabilities | |||||||||||
| Stockholders’ equity: | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
| Additional paid-in-capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive income (loss), net of tax | ( | ||||||||||
| Total stockholders’ equity | |||||||||||
| Total liabilities and stockholders’ equity | $ | $ | |||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4
MATIV HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(in millions, except per share amounts)
(Unaudited)
| Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||
| Shares | Amount | Total | |||||||||||||||||||||||||||||||||
Balance, June 30, 2025 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Dividends paid ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Issuances of common stock under stock-based compensation plan | — | — | — | — | — | ||||||||||||||||||||||||||||||
Stock-based employee compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
| Stock issued to directors as compensation | — | — | — | — | |||||||||||||||||||||||||||||||
| Shares withheld for employee taxes | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Balance, September 30, 2025 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Balance, June 30, 2026 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends paid ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Issuances of common stock under stock-based compensation plan | — | — | — | — | — | ||||||||||||||||||||||||||||||
Stock-based employee compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
| Stock issued to directors as compensation | — | — | — | ||||||||||||||||||||||||||||||||
| Shares withheld for employee taxes | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Balance, September 30, 2026 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5
MATIV HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(in millions, except per share amounts)
(Unaudited)
| Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2024 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||
Dividends paid ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||
Issuances of common stock under stock-based compensation plan | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Stock-based employee compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Stock issued to directors as compensation | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Deferred compensation directors stock trust | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Shares withheld for employee taxes | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||
Balance, September 30, 2025 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2025 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||
Dividends paid ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||
Issuances of common stock under stock-based compensation plan | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Stock-based employee compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Stock issued to directors as compensation | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Deferred compensation directors stock trust | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Shares withheld for employee taxes | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||
Balance, September 30, 2026 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
6
MATIV HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Operating | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile Net loss to Net cash provided by operations: | |||||||||||
| Depreciation and amortization | |||||||||||
| Amortization of deferred issuance costs | |||||||||||
| Goodwill and other impairments | |||||||||||
| Deferred income tax | ( | ||||||||||
| Pension and other postretirement benefits | ( | ( | |||||||||
| Stock-based compensation | |||||||||||
(Gain) loss on disposal of assets | ( | ||||||||||
(Gain) loss on foreign currency transactions | ( | ||||||||||
| Loss on debt extinguishment | |||||||||||
| Other items, net | ( | ( | |||||||||
| Changes in operating working capital: | |||||||||||
| Accounts receivable | ( | ( | |||||||||
| Inventories | ( | ||||||||||
| Prepaid expenses | ( | ||||||||||
| Accounts payable and other current liabilities | |||||||||||
| Accrued income taxes | ( | ||||||||||
| Net changes in operating working capital | |||||||||||
Net cash provided by operations | |||||||||||
| Investing | |||||||||||
| Capital spending | ( | ( | |||||||||
| Proceeds from disposal of assets | |||||||||||
Cash received from settlement of cross-currency swap contracts | |||||||||||
| Other investing | ( | ( | |||||||||
Net cash used in investing | ( | ( | |||||||||
7
MATIV HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Financing | |||||||||||
| Cash dividends paid | ( | ( | |||||||||
| Proceeds from long-term debt | |||||||||||
| Payments on long-term debt | ( | ( | |||||||||
| Payments for debt issuance costs | ( | ||||||||||
| Payments on financing lease obligations | ( | ( | |||||||||
| Shares withheld for employee taxes | ( | ( | |||||||||
Net cash used in financing | ( | ( | |||||||||
| Effect of exchange rate changes on Cash and cash equivalents and Restricted cash | ( | ||||||||||
Increase in Cash and cash equivalents and Restricted cash | |||||||||||
| Cash and cash equivalents and Restricted cash at beginning of period | |||||||||||
| Cash and cash equivalents and Restricted cash at end of period | $ | $ | |||||||||
| Supplemental Cash Flow Disclosures | |||||||||||
| Cash paid for interest, net | $ | $ | |||||||||
| Cash paid (received) for taxes, net | $ | ( | $ | ||||||||
| Capital spending in Accounts payable and Accrued expenses and other current liabilities | $ | $ | |||||||||
| Insurance recoveries received | $ | $ | |||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
8
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. General
Nature of Business
Organization and operations - Mativ Holdings, Inc. ("Mativ," "we," "our," or the "Company") 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. Mativ manufactures globally through our family of business-to-business and consumer product brands. Mativ targets premium applications across diversified and growing end-markets, from filtration to healthcare to sustainable packaging and more. 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.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements and the notes thereto have been prepared in accordance with the instructions on Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission ("SEC") and do not include all the information and disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). However, such information reflects all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods.
The results of operations for the three and nine months ended September 30, 2026 are not necessarily indicative of the results to be expected for the full year. The unaudited condensed consolidated financial statements and these notes thereto included herein should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 26, 2026.
Reclassifications
Use of Estimates
The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the revenues and expenses during the reporting period. Actual results could differ significantly from these estimates. The significant estimates underlying our unaudited condensed consolidated financial statements include, but are not limited to, inventory valuation, goodwill valuation, useful lives of tangible and intangible assets, stock-based compensation, derivatives, receivables valuation, pension, postretirement and other benefits, income taxes and contingencies.
Receivables Sales Agreement
The Company participates in an accounts receivables sales agreement (the “Receivables Sales Agreement”) to sell certain trade receivables arising from revenue transactions of the Company's U.S. subsidiaries on a revolving basis. On October 23, 2026, the Company amended the Receivable Sales Agreement to, among other things, extend the term until October 23, 2029.
9
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The amount of receivables pledged as collateral pursuant to our Receivables Sales Agreement as of September 30, 2026 and December 31, 2025 was $28.6 million and $27.2 million, respectively.
The following table summarizes the activity under the Receivables Sales Agreement (in millions):
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Trade accounts receivable sold to financial institutions | $ | $ | |||||||||
| Cash proceeds from financial institutions | $ | $ | |||||||||
For more information on the Receivables Sales Agreement, refer to Note 5. Accounts Receivable, net of our Form 10-K for the 2025 fiscal year ended December 31, 2025.
Recently Adopted Accounting Pronouncements
In July 2025, the FASB issued ASU 2025-05, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets." The ASU provides entities with a practical expedient to simplify the estimation of expected credit losses on current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, Revenue from Contracts with Customers, by allowing the assumption that current conditions as of the balance sheet date will not change during the remaining life of the asset. Adoption of the ASU, which is effective for annual reporting periods beginning after December 15, 2025, did not have a significant impact on the Company’s consolidated financial statements.
Recently Issued Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures." The ASU requires a public business entity to provide disaggregated disclosures of certain categories of expenses on an annual and interim basis including purchases of inventory, employee compensation, depreciation, and intangible asset amortization for each income statement line item that contains those expenses. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures.
In September 2025, the FASB issued ASU 2025-06, "Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software." The ASU modernizes existing internal use software guidance to adapt to concepts and processes present in an agile development environment. Key amendments include the elimination of software project development stages in favor of a requirement to commence capitalization once management has authorized the project, committed to funding, and project completion is probable. This ASU is effective for interim and annual reporting periods beginning after December 15, 2027 with early adoption permitted. The Company is currently evaluating this ASU to determine its impact on the Company’s consolidated financial statements.
In November 2025, the FASB issued ASU 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements.” The ASU clarifies certain aspects of the guidance on hedge accounting and addresses several incremental hedge accounting issues arising from the global reference rate reform initiative (LIBOR sunset). The ASU further aligns hedge accounting with the economics of an entity’s risk management activities and better reflects hedging strategies in financial reporting by enabling entities to achieve and maintain hedge accounting for highly effective economic hedges of forecasting transactions. This ASU is effective for interim and annual reporting periods beginning after December 15, 2026, with early adoption permitted. Based on Mativ's existing hedging strategy, adoption of this ASU is not expected to have a significant impact on the Company’s consolidated financial statements.
10
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
In December 2025, the FASB issued ASU 2025-10, "Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities." This ASU provides recognition, measurement, presentation, and disclosure requirements for government grants. Under the new guidance, proceeds from government grants must be recognized in earnings during the same period the underlying costs associated with grant eligibility are incurred. However, grant income must not be recognized unless it is probable the grant will be received and the entity will comply with the conditions attached to the grant. This ASU is effective for interim and annual reporting periods beginning after December 15, 2028. Adoption of the ASU is not expected to have a significant impact on the Company’s consolidated financial statements.
In December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements." This ASU improves clarity for interim financial reporting requirements under the existing guidance within Accounting Standards Codification ("ASC") Topic 270, Interim Reporting, by creating a comprehensive list of interim disclosure requirements, clarifying scope and applicability, along with adding a principle to disclose all material events that have occurred since the most recently filed Form 10-K. This ASU is effective for interim and annual reporting periods beginning after December 15, 2027. Adoption of the ASU is not expected to have a significant impact on the Company's interim reporting.
In May 2026, the FASB issued ASU 2026-02, "Environmental Credits and Environmental Credit Obligations (Topic 818)". This ASU establishes recognition, measurement, presentation, and disclosure requirements for all entities that generate, purchase, or receive environmental credits. This ASU is effective retrospectively for interim and annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating this ASU to determine its impact on the Company’s consolidated financial statements.
Note 2. Other Comprehensive Income (Loss)
Comprehensive income (loss) includes Net loss, as well as items charged directly to stockholders' equity, which are excluded from Net loss. The Company has presented Comprehensive income (loss) in the unaudited Condensed Consolidated Statements of Comprehensive Income (Loss).
Components of Accumulated other comprehensive income (loss), net of tax, were as follows (in millions):
September 30, 2026 | December 31, 2025 | ||||||||||
| Accumulated pension and Other Post-Employment Benefits ("OPEB") liability adjustments | $ | ( | $ | ( | |||||||
Accumulated unrealized gain on derivative instruments | |||||||||||
| Accumulated unrealized foreign currency translation adjustments | |||||||||||
Accumulated other comprehensive income (loss), net of tax | $ | ( | $ | ||||||||
Changes in the components of Accumulated other comprehensive income (loss), net of tax, were as follows (in millions):
| Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||
| Pre-tax | Net of Tax | Pre-tax | Net of Tax | ||||||||||||||||||||||||||||||||
| Pension and OPEB liability adjustments | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||
| Derivative instrument adjustments | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Unrealized foreign currency translation adjustments | ( | ( | |||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||
11
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
| Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||
| Pre-tax | Net of Tax | Pre-tax | Net of Tax | ||||||||||||||||||||||||||||||||
| Pension and OPEB liability adjustments | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||
| Derivative instrument adjustments | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Unrealized foreign currency translation adjustments | ( | ( | |||||||||||||||||||||||||||||||||
| Total | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||
Note 3. Net Loss Per Share
The Company uses the two-class method to calculate Net loss per share. The Company has granted restricted stock that contains non-forfeitable rights to dividends on unvested shares. Since these unvested shares are considered participating securities under the two-class method, the Company allocates Net loss per share to common stock and participating securities according to dividends declared and participation rights in undistributed earnings.
Diluted net loss per common share is computed based on Net loss divided by the weighted average number of common and potential common shares outstanding. Potential common shares during the respective periods are those related to dilutive stock-based compensation, including long-term stock-based incentive compensation and directors’ accumulated deferred stock compensation, which may be received by the directors in the form of stock or cash.
A reconciliation of the average number of common and potential common shares outstanding used in the calculations of basic and diluted Net loss per share follows (in millions, shares in thousands):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Numerator (basic and diluted): | |||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| Less: Dividends to participating securities | ( | ( | ( | ( | |||||||||||||||||||
Net loss attributable to Common Stockholders | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
| Denominator: | |||||||||||||||||||||||
| Average number of common shares outstanding | |||||||||||||||||||||||
Effect of dilutive stock-based compensation(1) | |||||||||||||||||||||||
| Average number of common and potential common shares outstanding | |||||||||||||||||||||||
12
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 4. Inventories, Net
The following table summarizes inventories by major class (in millions):
September 30, 2026 | December 31, 2025 | ||||||||||
| Raw materials | $ | $ | |||||||||
| Work in process | |||||||||||
| Finished goods | |||||||||||
| Supplies and other | |||||||||||
| Total inventories, net | $ | $ | |||||||||
Note 5. Goodwill
The change in the carrying amount of goodwill (entirely attributable to the SAS reportable segment) was as follows (in millions):
| Total | |||||||||||||||||
Balance at December 31, 2025 | $ | ||||||||||||||||
| Foreign currency translation | ( | ||||||||||||||||
Balance at September 30, 2026 | $ | ||||||||||||||||
Note 6. Intangible Assets
The gross carrying amount and accumulated amortization for intangible assets as of September 30, 2026 and December 31, 2025 consisted of the following (in millions):
| September 30, 2026 | |||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||
| Amortized Intangible Assets | |||||||||||||||||
| Customer relationships | $ | $ | $ | ||||||||||||||
| Acquired and developed technology | |||||||||||||||||
| Trade names | |||||||||||||||||
| Patents | |||||||||||||||||
| Total | $ | $ | $ | ||||||||||||||
| December 31, 2025 | |||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||
| Amortized Intangible Assets | |||||||||||||||||
| Customer relationships | $ | $ | $ | ||||||||||||||
| Acquired and developed technology | |||||||||||||||||
| Trade names | |||||||||||||||||
| Patents | |||||||||||||||||
Total | $ | $ | $ | ||||||||||||||
13
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 7. Restructuring and Other Impairment Activities
During the third quarter of 2026, Mativ centralized the support for common business practices across our organization within a new service center. Restructuring expenses across FAM, SAS, and Unallocated during the three months ended September 30, 2026 included severance charges associated with this transition.
Other impairment expense in the FAM segment was attributable to an impairment charge associated with long-lived assets at one of our North American facilities, which will be removed from service during the fourth quarter of 2026 as part of a product line rationalization. This expense was partially offset by an increase in the fair value of our assets held for sale to adjust the carrying value to the fair value of the assets less the cost to sell. The assets were subsequently sold, refer to Note 14. Subsequent Events for additional information.
The following table summarizes total restructuring and other impairment expense (in millions):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Filtration and Advanced Materials(1) | |||||||||||||||||||||||
| Severance and termination benefits | $ | $ | $ | $ | |||||||||||||||||||
| Other exit costs | |||||||||||||||||||||||
| FAM restructuring expense | |||||||||||||||||||||||
| Sustainable and Adhesive Solutions | |||||||||||||||||||||||
| Severance and termination benefits | |||||||||||||||||||||||
| Other exit costs | |||||||||||||||||||||||
| SAS restructuring expense | |||||||||||||||||||||||
| Unallocated | |||||||||||||||||||||||
| Severance and termination benefits | |||||||||||||||||||||||
| Unallocated restructuring expense | |||||||||||||||||||||||
| Total restructuring expense | |||||||||||||||||||||||
| Filtration and Advanced Materials | |||||||||||||||||||||||
| Other impairment expense | |||||||||||||||||||||||
| Total restructuring and other impairment expense | $ | $ | $ | $ | |||||||||||||||||||
(1)Includes costs associated with facility closures initiated in prior years of $0.5 million and $0.4 million for the three months ended September 30, 2026 and 2025, respectively. Through September 30, 2026, the Company has recognized accumulated restructuring charges of $7.9 million related to an asset held for sale. This site was sold on November 4, 2026, refer to Note 14. Subsequent Events for additional information. Mativ does not expect to incur additional costs associated with this facility.
The following table summarizes changes in restructuring liabilities (in millions):
| 2026 | 2025 | ||||||||||
Balance at beginning of the period | $ | $ | |||||||||
Charges for restructuring programs | |||||||||||
Cash payments and other | ( | ( | |||||||||
Balance at end of the period | $ | $ | |||||||||
Restructuring liabilities were classified within Accrued expenses and other current liabilities and Other liabilities in the unaudited Condensed Consolidated Balance Sheets.
14
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 8. Debt
Total debt, net of debt issuance costs, is summarized in the following table (in millions):
September 30, 2026 | December 31, 2025 | ||||||||||
| Revolving facility - U.S. dollar borrowings | $ | $ | |||||||||
| Term loan A facility | |||||||||||
| Term loan B facility | |||||||||||
| Delayed draw term loan | |||||||||||
| Other loan agreements | |||||||||||
| Debt issuance costs | ( | ( | |||||||||
| Total debt | |||||||||||
| Less: Current debt | ( | ( | |||||||||
| Total long-term debt | $ | $ | |||||||||
Indenture for 8.000 % Senior Unsecured Notes Due 2029
On October 7, 2024, the Company closed a private offering of $400.0 million of 8.000 % senior unsecured notes due 2029 (the “2029 Notes”). The 2029 Notes were sold in a private placement in reliance on Rule 144A and Regulation S under the Securities Act of 1933, as amended, pursuant to a purchase agreement between the Company, certain subsidiaries of the Company and a third-party financial institution, as representative of the initial purchasers. The 2029 Notes are senior unsecured obligations of the Company and are guaranteed on a senior unsecured basis by each of the Company’s existing and future wholly-owned subsidiaries that is a borrower under or that guarantees obligations under the Company’s senior secured credit facilities or that guarantees certain other indebtedness, subject to certain exceptions.
The 2029 Notes were issued pursuant to an Indenture (the “Indenture”), dated as of October 7, 2024, among the Company, the guarantors listed therein and a third-party financial institution, as trustee. Interest on the 2029 Notes is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2025, and the 2029 Notes mature on October 1, 2029, subject to earlier repurchase or redemption.
The Company may redeem some or all of the 2029 Notes at any time on or after October 1, 2026, at the redemption prices set forth in the Indenture, together with accrued and unpaid interest, if any, to, but excluding, the redemption date. If the Company sells certain assets or consummates certain change of control transactions, the Company will be required to make an offer to repurchase the Notes, subject to certain conditions.
The Indenture contains certain covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to incur additional indebtedness, make certain dividends, repurchase Company stock or make other distributions, make certain investments, create liens, transfer or sell assets, merge or consolidate and enter into transactions with the Company’s affiliates. Such covenants are subject to a number of exceptions and qualifications set forth in the Indenture. The Indenture also contains certain customary events of default, including failure to make payments in respect of the principal amount of the 2029 Notes, failure to make payments of interest on the 2029 Notes when due and payable, failure to comply with certain covenants and agreements and certain events of bankruptcy or insolvency. The Company was in compliance with all of its covenants under the Indenture at September 30, 2026.
15
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Credit Facility
On April 3, 2026, the Company entered into the Ninth Amendment (the “Amendment”) to its existing multicurrency credit agreement (as amended, the “Amended Credit Agreement”). The Amendment provided for a refinancing and restructuring of the Company’s existing credit facilities.
The Amended Credit Agreement replaced the Company’s prior revolving credit facility, Term Loan A facility and Term Loan B facility and eliminated the delayed draw term loan facility. The Amended Credit Agreement provides for a $305.0 million revolving credit facility (the “Revolving Facility”), including sub-facilities for borrowings in Euros and Sterling, an $89.9 million Term Loan A facility (the “Term Loan A Facility”), and a $500.0 million Term Loan B facility (the “Term Loan B Facility”), resulting in total committed credit facilities of approximately $894.9 million. The Company also recognized an $8.7 million loss on debt extinguishment as a result of the transaction.
In connection with the Amendment, certain of the Company’s subsidiaries became additional U.S. borrowers, and another subsidiary became a guarantor under the Amended Credit Agreement.
The Revolving Facility and Term Loan A Facility mature on the earlier of (i) five years from April 3, 2026 or (ii) 182 days prior to the maturity of the Company’s 8.000 % senior notes due 2029. The Term Loan B Facility matures on the earlier of (i) seven years from April 3, 2026 or (ii) 91 days prior to the maturity of the Company’s 2029 Notes.
Borrowings under the Amended Credit Agreement bear interest at variable rates based on benchmark rates, including Term SOFR and EURIBOR (or successor rates), plus applicable margins. For the Revolving Facility and Term Loan A Facility, margins range from 1.75 % to 2.75 %, depending on the Company’s Net Debt to EBITDA ratio, with a commitment fee rate ranging from 0.15 % to 0.35 % at a current rate of 0.30 %. Term Loan B borrowings bear interest at fixed margins ranging from 3.50 % to 4.50 %, depending on the applicable benchmark rate.
The Amended Credit Agreement contains customary affirmative and negative covenants and financial maintenance covenants applicable to the Revolving Facility and Term Loan A Facility, including a minimum interest coverage ratio ranging from 2.50 x to 3.00 x over time, and a maximum Net Debt to EBITDA ratio ranging from 5.00 x to 4.00 x over time.
The Company was in compliance with all of its covenants under the Amended Credit Agreement at September 30, 2026.
Average Interest Rates
As of September 30, 2026, the average interest rate was 7.66 % on outstanding Revolving Facility borrowings, 6.40 % on outstanding Term Loan A Credit Facility borrowings, and 8.40 % on outstanding Term Loan B Facility borrowings. The effective rate on the 2029 Notes was 8.000 %.
Principal Repayments
The following is the expected maturities for the Company's debt obligations as of September 30, 2026 (in millions):
| 2026 | $ | ||||
| 2027 | |||||
| 2028 | |||||
| 2029 | |||||
| 2030 | |||||
| Thereafter | |||||
| Total | $ | ||||
16
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Fair Value of Debt
Note 9. Derivatives
The Company utilizes a variety of practices including derivative instruments to manage risk associated with foreign currency exchange rate risk and interest rate risk on its variable-rate debt. The Company has no derivative instruments for trading or speculative purposes or derivatives with credit risk-related contingent features. All derivative instruments used by the Company are either exchange traded or are entered into with major financial institutions to reduce credit risk and risk of nonperformance by third parties. The fair values of the Company’s derivative instruments are determined using observable inputs and are considered Level 2 assets or liabilities.
Foreign Currency Risk Management
The Company utilizes currency forward and swap contracts to selectively hedge its exposure to foreign currency risk when it is practical and economical to do so. We may designate certain of our foreign currency hedges as cash flow hedges. Changes in the fair value of cash flow hedges are reported as a component of Accumulated other comprehensive income (loss), net of tax and reclassified into earnings when the forecasted transaction affects earnings. Changes in the fair value of foreign exchange contracts not designated as hedges are recorded to Net income (loss) each period.
The Company also uses cross-currency swap contracts to selectively hedge its exposure to foreign currency related changes in our net investments in certain foreign operations. We designate these cross-currency swap contracts as net investment hedges based on the spot rate of the EUR. Changes in the fair value of these hedges are deferred within the foreign currency translation component of Accumulated other comprehensive income (loss), net of tax and reclassified into earnings when the foreign investment is sold or substantially liquidated. Future changes in the components related to the spot change on the notional will be recorded in Other Comprehensive Income ("OCI") and remain there until the hedged subsidiaries are substantially liquidated. Gains and losses excluded from the assessment of hedge effectiveness are recognized in earnings (Interest expense) over the term of the swap. Gains and losses associated with the settlement of derivative instruments designated as a net investment hedge are classified within investing activities in the Condensed Consolidated Statement of Cash Flows. As of September 30, 2026 and December 31, 2025 the gross notional amount of outstanding cross-currency swap contracts designated as a net investment hedge was €450
Interest Rate Risk Management
The Company selectively hedges its exposure to interest rate increases on variable-rate, long-term debt when it is practical and economical to do so. Changes in the fair value of pay-fixed, receive-variable interest rate swap contracts considered cash flow hedges are reported as a component of Accumulated other comprehensive income (loss), net of tax and reclassified into earnings when the forecasted transaction affects earnings. The terms of the interest rate swaps mirror the terms of the underlying debt, including timing of the payments and interest rates. As of September 30, 2026 and December 31, 2025 the gross notional amounts of outstanding interest rate swaps designated as a cash flow hedge was $405.8
17
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at September 30, 2026 (in millions):
| Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||
| Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||||
| Derivatives designated as hedges: | |||||||||||||||||||||||
Foreign exchange contracts | Accounts receivable, net | $ | Accounts payable | $ | |||||||||||||||||||
Foreign exchange contracts | Other assets | Other liabilities | |||||||||||||||||||||
Interest rate contracts | Accounts receivable, net | Accrued expenses and other current liabilities | |||||||||||||||||||||
Interest rate contracts | Other assets | Other liabilities | |||||||||||||||||||||
| Total derivatives designated as hedges | |||||||||||||||||||||||
| Derivatives not designated as hedges: | |||||||||||||||||||||||
| Foreign exchange contracts | Accounts receivable, net | Accrued expenses and other current liabilities | |||||||||||||||||||||
| Total derivatives not designated as hedges | |||||||||||||||||||||||
| Total derivatives | $ | $ | |||||||||||||||||||||
The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 31, 2025 (in millions):
| Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||
| Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||||
| Derivatives designated as hedges: | |||||||||||||||||||||||
Foreign exchange contracts | Accounts receivable, net | $ | Accrued expenses and other current liabilities | $ | |||||||||||||||||||
Foreign exchange contracts | Other assets | Other liabilities | |||||||||||||||||||||
Interest rate contracts | Other assets | Other liabilities | |||||||||||||||||||||
| Total derivatives designated as hedges | |||||||||||||||||||||||
| Derivatives not designated as hedges: | |||||||||||||||||||||||
| Foreign exchange contracts | Accounts receivable, net | Accrued expenses and other current liabilities | |||||||||||||||||||||
| Total derivatives not designated as hedges | |||||||||||||||||||||||
| Total derivatives | $ | $ | |||||||||||||||||||||
18
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Gains (losses) on derivatives designated as cash flow and net investment hedges recognized in other comprehensive income (loss) are summarized below (in millions) on a pretax basis:
Derivatives Designated in Hedging Relationships | Gains (Losses) Recognized in Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
Derivatives designated as cash flow hedge | ||||||||||||||||||||||||||
Amounts included in assessment of effectiveness | $ | $ | $ | $ | ( | |||||||||||||||||||||
Derivatives designated as net investment hedge | ||||||||||||||||||||||||||
Amounts included in assessment of effectiveness | ( | |||||||||||||||||||||||||
Total gain (loss) | $ | $ | $ | $ | ( | |||||||||||||||||||||
The Company's designated derivative instruments are highly effective. As such, there were no gains or losses recognized immediately in income related to the hedge ineffectiveness or amounts excluded from hedge effectiveness testing for the three and nine months ended September 30, 2026 or 2025, other than those related to derivatives designated as a net investment hedge, noted below.
Gains (losses) on derivatives within the Condensed Consolidated Statement of Income (Loss) were as follows (in millions):
Location of Gains (Losses) | Amount of Gains (Losses) Recognized | |||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||
Effect of cash flow hedges | ||||||||||||||||||||||||||||||||
Amount reclassified from Accumulated other comprehensive income (loss) to income | Interest expense | $ | $ | $ | $ | |||||||||||||||||||||||||||
Effect of net investment hedges | ||||||||||||||||||||||||||||||||
Amount excluded from assessment of hedge effectiveness | Interest expense | |||||||||||||||||||||||||||||||
Effect of non-designated hedges | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | Other income | ( | ( | ( | ||||||||||||||||||||||||||||
Total gain | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Note 10. Commitments and Contingencies
Other Commitments
On November 30, 2023, the Company completed the sale of its Engineered Papers business (the “EP Divestiture”) to Evergreen Hill Enterprise Pte. Ltd. (“Evergreen Hill Enterprise”). In connection with the EP Divestiture, we undertook to indemnify and hold Evergreen Hill Enterprise harmless from claims and liabilities related to the EP business that were identified as excluded or specified liabilities in the related agreements up to an amount not to exceed $10 million. As of September 30, 2026, there were no material claims pending under this indemnification.
19
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Litigation
We are involved in various legal proceedings from time to time, including relating to contracts, commercial disputes, taxes, environmental issues, employment and workers' compensation claims, product liability and other matters. We periodically review the status of these proceedings with both inside and outside counsel. We believe that the ultimate disposition of these matters will not have a material effect on the results of operations in a given quarter or year.
Menasha Tornado
On July 27, 2026, a severe tornado and related weather event destroyed a third-party distribution facility engaged by the Company in Menasha, Wisconsin (the "Menasha Tornado"). The Company maintains insurance coverage for inventory losses and business interruption, subject to applicable deductibles, sublimits, and coverage determinations. The Company expects to recover inventory losses resulting from the Menasha Tornado under this coverage and has recorded an insurance recoveries receivable of $38.0 million, as well as $5.0 million recoveries received, which represent the cost basis of the inventory and site clean-up and other costs it believes to be probable to recover. Inventory write-off and related insurance recoveries receivable are presented on a net basis within the Changes in operating working capital section of the Condensed Consolidated Statements of Cash Flows.
Recoveries in excess of the inventory losses, if any, including business interruption costs, are being pursued and will not be recognized in the financial statements until all uncertainties of timing and amount have been resolved.
| (Amounts in millions) | Three and Nine Months Ended September 30, 2026 | ||||
| Write-off of inventory | $ | ||||
| Site clean-up and other costs | |||||
| Total expense | |||||
| Insurance recoveries received | |||||
Insurance recoveries receivable(1) | |||||
| Loss from natural disaster, net of insurance recoveries | $ | ||||
(1) The insurance recoveries receivable is recorded in Accounts receivable, net in the Consolidated Balance Sheets. | |||||
Environmental Matters
The Company's operations are subject to various nations' federal, state and local laws, regulations and ordinances relating to environmental matters. The nature of the Company's operations exposes it to the risk of claims with respect to various environmental matters, and there can be no assurance that material costs or liabilities will not be incurred in connection with such claims. While the Company has incurred in the past several years, and will continue to incur, capital and operating expenditures in order to comply with environmental laws and regulations, it believes that its future cost of compliance with environmental laws, regulations and ordinances, and its exposure to liability for environmental claims and its obligation to participate in the remediation and monitoring of certain hazardous waste disposal sites, will not have a material effect on its financial condition or results of operations. However, future events, such as changes in existing laws and regulations, or unknown contamination or costs of remediation of sites owned, operated or used for waste disposal by the Company (including contamination caused by prior owners and operators of such sites or other waste generators) may give rise to additional costs which could have a material effect on its financial condition or results of operations.
20
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Employees and Labor Relations
As of September 30, 2026, approximately 27 % of the Company's U.S. workforce and 35 % of its non-U.S. workforce are under collective bargaining agreements. Approximately 0 % of all U.S. employees and 11 % of non-U.S. employees are under collective bargaining agreements that will expire in the next 12 months.
For the non-U.S. workforce, union membership is voluntary and does not need to be disclosed to the Company under local laws. As a result, the number of employees covered by the collective bargaining agreements in some countries cannot be determined.
General Matters
In the ordinary course of conducting business activities, the Company and its subsidiaries become involved in certain other judicial, administrative and regulatory proceedings involving both private parties and governmental authorities. These proceedings include insured and uninsured regulatory, employment, intellectual property, general and commercial liability, environmental and other matters. At this time, the Company does not expect any of these proceedings to have a material effect on its reputation, business, financial condition, results of operations or cash flows. However, the Company can give no assurance that the results of any such proceedings will not materially affect its reputation, business, financial condition, results of operations or cash flows.
Note 11. Postretirement and Other Benefits
Pension and Other Benefits
The components of net pension cost (benefit) during the three months ended September 30, 2026 and 2025 were as follows (in millions):
| Pension Benefits | Other Post-employment Plans | ||||||||||||||||||||||||||||||||||||||||||||||
| U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||
| Service cost | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
| Interest cost | |||||||||||||||||||||||||||||||||||||||||||||||
| Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
| Amortizations and other | |||||||||||||||||||||||||||||||||||||||||||||||
Settlement loss | |||||||||||||||||||||||||||||||||||||||||||||||
Net pension cost (benefit) | $ | ( | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
21
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The components of net pension cost (benefit) during the nine months ended September 30, 2026 and 2025 were as follows (in millions):
| Pension Benefits | Other Post-employment Plans | ||||||||||||||||||||||||||||||||||||||||||||||
| U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||
| Service cost | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
| Interest cost | |||||||||||||||||||||||||||||||||||||||||||||||
| Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
| Amortizations and other | |||||||||||||||||||||||||||||||||||||||||||||||
Settlement loss | |||||||||||||||||||||||||||||||||||||||||||||||
Net pension cost (benefit) | $ | ( | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
The Company's cost under the qualified defined contribution retirement plans was $3.8 million and $3.6 million, respectively, for the three months ended September 30, 2026 and 2025 and $11.7 million and $11.0 million, respectively, for the nine months ended September 30, 2026 and 2025.
Note 12. Income Taxes
The Company's effective tax rate was 185.7 % and 42.9 % for the three months ended September 30, 2026 and 2025, respectively. The net change was primarily due to mix of earnings and certain jurisdictions with a full valuation allowance in the current period. The Company's effective tax rate was (1760.0 )% and 3.2 % for the nine months ended September 30, 2026 and 2025, respectively. The net change was primarily due to mix of earnings and certain jurisdictions with a full valuation allowance in the current period, and a goodwill impairment not deductible for tax purposes and valuation allowance changes in the prior period. The Company has historically calculated the provision or benefit for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. The Company determined that since small changes in estimated “ordinary” income would result in significant changes in the estimated annual effective tax rate, the historical method would not provide a reliable estimate for the three months, and nine months ended September 30, 2026. Accordingly, Mativ used a discrete effective tax rate method to calculate taxes for the three months, and nine months ended September 30, 2026.
Prior to the passage of the Tax Cuts and Jobs Act of 2017 ("Tax Act"), the Company asserted that substantially all of the undistributed earnings of its foreign subsidiaries were considered indefinitely reinvested and accordingly, no deferred taxes were provided. Due to the Tax Act, the Company has significant earnings and profits from its foreign subsidiaries that it can generally repatriate free of U.S. federal tax. As a result of the Company’s treasury policy to simplify and expedite its intercompany cash flows, as evidenced by the use of cash pooling, and in light of the Company’s prioritization of debt reduction and funding future growth, the Company does not assert indefinite reinvestment to the extent of each controlled foreign corporation's earnings and profits and to the extent of any foreign partnership’s U.S. tax capital accounts. As a result, the Company has provided for non-U.S. withholding taxes, U.S. federal tax related to currency movement on previously taxed earnings and profits, and U.S. state taxes on unremitted earnings.
All unrecognized tax positions could impact the Company's effective tax rate if recognized. There have been no material changes to the Company’s unrecognized tax positions for the three and nine months ended September 30, 2026. With respect to penalties and interest incurred from income tax assessments or related to unrecognized tax benefits, the Company’s policy is to classify penalties as provision for income taxes and interest as interest expense in its unaudited Condensed Consolidated Statements of Income (Loss). There were no
22
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 13. Segment Information
The Company has two reportable segments: Filtration & Advanced Materials ("FAM") and Sustainable & Adhesive Solutions ("SAS").
FAM is focused primarily on filtration media and components, advanced films, coating and converting solutions, and extruded mesh products. The FAM segment supplies customers directly, serving a diverse set of generally high-growth end markets. FAM end markets include water and air purification, life sciences, industrial processes, transportation, aerospace and defense, glass and glazing, packaging, agriculture, building and construction, safety and security.
SAS is focused primarily on tapes, labels, liners, specialty paper, packaging and healthcare solutions. The SAS segment supplies customers through distribution and directly, serving growing and mature end markets including building and construction, DIY, product packaging, consumer & commercial papers, personal care, advanced wound care, medical device fixation and medical packaging.
The accounting policies of the reportable segments are the same as those described in Note 2. Summary of Significant Accounting Policies in the notes to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.
Our Chief Operating Decision Maker ("CODM") is our President and Chief Executive Officer. Effective January 1, 2026, Gross Profit has replaced Operating profit as the GAAP performance metric the CODM considers when making resource allocation decisions for each segment.
23
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Segment Results
The CODM primarily evaluates segment performance and allocates resources based on Gross profit. Assets are managed on a company-wide basis and, as such, are not disclosed at the segment level.
Net sales, Cost of products sold, Gross profit, and Depreciation (classified as Cost of products sold) by segment were (in millions):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| FAM | $ | $ | $ | $ | |||||||||||||||||||
| SAS | |||||||||||||||||||||||
| Consolidated | $ | $ | $ | $ | |||||||||||||||||||
| Cost of products sold | |||||||||||||||||||||||
| FAM | $ | $ | $ | $ | |||||||||||||||||||
| SAS | |||||||||||||||||||||||
| Consolidated | $ | $ | $ | $ | |||||||||||||||||||
| Gross profit | |||||||||||||||||||||||
| FAM | $ | $ | $ | $ | |||||||||||||||||||
| SAS | |||||||||||||||||||||||
| Consolidated | $ | $ | $ | $ | |||||||||||||||||||
| Depreciation (classified as Cost of products sold) | |||||||||||||||||||||||
| FAM | $ | $ | $ | $ | |||||||||||||||||||
| SAS | |||||||||||||||||||||||
| Consolidated | $ | $ | $ | $ | |||||||||||||||||||
Segment Net sales are attributed to the following geographic locations of the Company’s direct customers during the three months ended September 30, 2026 and 2025 were as follows (in millions):
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||
FAM | SAS | Total | FAM | SAS | Total | ||||||||||||||||||||||||||||||
| United States | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Europe | |||||||||||||||||||||||||||||||||||
| Asia-Pacific | |||||||||||||||||||||||||||||||||||
| Americas (excluding U.S.) | |||||||||||||||||||||||||||||||||||
| Other foreign countries | |||||||||||||||||||||||||||||||||||
| Net sales | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
24
MATIV HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Segment Net sales are attributed to the following geographic locations of the Company’s direct customers during the nine months ended 2026 and 2025 were as follows (in millions):
| Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||
FAM | SAS | Total | FAM | SAS | Total | ||||||||||||||||||||||||||||||
| United States | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Europe | |||||||||||||||||||||||||||||||||||
| Asia-Pacific | |||||||||||||||||||||||||||||||||||
| Americas (excluding U.S.) | |||||||||||||||||||||||||||||||||||
| Other foreign countries | |||||||||||||||||||||||||||||||||||
| Net sales | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Net sales as a percentage by product category for the business were as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Filtration & netting | % | % | % | % | |||||||||||||||||||
Advanced films | % | % | % | % | |||||||||||||||||||
Tapes, labels & liners | % | % | % | % | |||||||||||||||||||
Paper & packaging | % | % | % | % | |||||||||||||||||||
Healthcare & other | % | % | % | % | |||||||||||||||||||
| Net sales | % | % | % | % | |||||||||||||||||||
Note 14. Subsequent Events
On October 23, 2026, we entered into an amendment to the Receivables Sales Agreement. Refer to Note 1. General for additional information.
25
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following is a discussion of our financial condition and results of operations. This discussion should be read in conjunction with our unaudited condensed consolidated financial statements and related notes included elsewhere in this report and the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2025. The discussion of our financial condition and results of operations includes various forward-looking statements about our markets, the demand for our products and our future prospects. These statements are based on certain assumptions we consider reasonable. For information about risks and exposures relating to us and our business, you should read the section entitled "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, the section entitled "Forward-Looking Statements" at the end of this Item 2 and the section entitled “Risk Factors” at Part II, Item 1A hereof. Unless the context indicates otherwise, references to "Mativ," "we," "us," "our," the "Company" or similar terms include Mativ Holdings, Inc. and our consolidated subsidiaries.
This Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is designed to provide a reader of our financial statements with an understanding of our recent performance, our financial condition and our prospects. This MD&A discusses the financial condition and results of operations of the Company as of and for the three and nine months ended September 30, 2026.
Recent Developments
Throughout 2025 and 2026, the U.S. government proposed the implementation of, or did implement, a number of tariffs on imports to the United States from a large number of countries. On February 20, 2026, the U.S. Supreme Court issued a ruling invalidating tariffs imposed under the International Emergency Economic Powers Act ("IEEPA"), and on April 20, 2026, the U.S. Customs and Border Protection ("U.S. CBP") launched a refund platform. The net impact of IEEPA tariff refund claims submitted and accepted by U.S. CBP as of September 30, 2026 was not significant. The Company continues to monitor developments with respect to tariffs and trade policy, including refund initiatives and other opportunities to mitigate the related impacts, costs and other effects of tariffs.
SUMMARY
| Three Months Ended September 30, | Percent of Net Sales | Nine Months Ended September 30, | Percent of Net Sales | ||||||||||||||||||||||||||||||||||||||||||||
| (in millions, except per share amounts) | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||
| Net sales | $ | 499.5 | $ | 513.7 | 100.0 | % | 100.0 | % | $ | 1,510.9 | $ | 1,523.9 | 100.0 | % | 100.0 | % | |||||||||||||||||||||||||||||||
Gross profit | $ | 97.7 | $ | 99.4 | 19.6 | % | 19.3 | % | $ | 295.9 | $ | 275.7 | 19.6 | % | 18.1 | % | |||||||||||||||||||||||||||||||
| Restructuring & other impairment expense | $ | 2.7 | $ | 8.1 | 0.5 | % | 1.6 | % | $ | 4.7 | $ | 18.2 | 0.3 | % | 1.2 | % | |||||||||||||||||||||||||||||||
Operating profit (loss) | $ | 19.9 | $ | 16.0 | 4.0 | % | 3.1 | % | $ | 62.5 | $ | (394.5) | 4.1 | % | (25.9) | % | |||||||||||||||||||||||||||||||
| Interest expense | $ | 18.1 | $ | 17.7 | 3.6 | % | 3.4 | % | $ | 54.9 | $ | 54.1 | 3.6 | % | 3.6 | % | |||||||||||||||||||||||||||||||
Net loss | $ | (1.2) | $ | (3.2) | (0.2) | % | (0.6) | % | $ | (9.3) | $ | (438.2) | (0.6) | % | (28.8) | % | |||||||||||||||||||||||||||||||
Diluted loss per share | $ | (0.03) | $ | (0.06) | $ | (0.18) | $ | (8.04) | |||||||||||||||||||||||||||||||||||||||
Cash provided by operations | $ | 48.5 | $ | 72.8 | $ | 117.4 | $ | 114.5 | |||||||||||||||||||||||||||||||||||||||
| Capital spending | $ | 11.0 | $ | 6.1 | $ | 26.9 | $ | 28.7 | |||||||||||||||||||||||||||||||||||||||
26
RESULTS OF OPERATIONS
Comparison of the Three Months Ended September 30, 2026 and 2025
Net Sales, Cost of Products Sold, and Gross Profit
The following table presents net sales, costs of products sold, and gross profit by segment for the three months ended September 30, 2026 and 2025 (in millions):
| Three Months Ended September 30, | Percent Change | Percent of Net Sales | |||||||||||||||||||||||||||||||||
| 2026 | 2025 | Change | 2026 | 2025 | |||||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||||||||
| FAM | $ | 218.5 | $ | 198.3 | $ | 20.2 | 10.2 | % | |||||||||||||||||||||||||||
| SAS | 281.0 | 315.4 | (34.4) | (10.9) | % | ||||||||||||||||||||||||||||||
| Total Net sales | $ | 499.5 | $ | 513.7 | $ | (14.2) | (2.8) | % | |||||||||||||||||||||||||||
| Cost of products sold | |||||||||||||||||||||||||||||||||||
| FAM | $ | 167.0 | $ | 155.8 | $ | 11.2 | 7.2 | % | 76.4 | % | 78.6 | % | |||||||||||||||||||||||
| SAS | 234.8 | 258.5 | (23.7) | (9.2) | % | 83.6 | % | 82.0 | % | ||||||||||||||||||||||||||
| Total Cost of products sold | $ | 401.8 | $ | 414.3 | $ | (12.5) | (3.0) | % | 80.4 | % | 80.7 | % | |||||||||||||||||||||||
| Gross profit | |||||||||||||||||||||||||||||||||||
| FAM | $ | 51.5 | $ | 42.5 | $ | 9.0 | 21.2 | % | 23.6 | % | 21.4 | % | |||||||||||||||||||||||
| SAS | 46.2 | 56.9 | (10.7) | (18.8) | % | 16.4 | % | 18.0 | % | ||||||||||||||||||||||||||
| Total Gross profit | $ | 97.7 | $ | 99.4 | $ | (1.7) | (1.7) | % | 19.6 | % | 19.3 | % | |||||||||||||||||||||||
The following table presents components of change in net sales by segment for the three months ended September 30, 2026 compared to 2025 (as a percentage of net sales):
Percent Change in Net Sales | |||||||||||||||||
FAM | SAS | Total | |||||||||||||||
Volume/mix | 7.8 | % | (13.8) | % | (5.4) | % | |||||||||||
Sales associated with exited facilities | (1.2) | — | (0.5) | ||||||||||||||
Total volume/mix | 6.6 | (13.8) | (5.9) | ||||||||||||||
Selling price | 3.9 | 3.6 | 3.7 | ||||||||||||||
Currency translation | (0.3) | (0.7) | (0.6) | ||||||||||||||
Total percent change | 10.2 | % | (10.9) | % | (2.8) | % | |||||||||||
FAM segment net sales increased primarily due to higher volume/mix and higher selling prices. This increase was partially offset by the impact from an exited facility and unfavorable currency translation.
SAS segment net sales decreased, reflecting lower volume/mix primarily due to the impact of the Menasha Tornado and in our Healthcare business and unfavorable currency translation, partially offset by higher selling prices.
FAM gross profit increased, reflecting higher volume/mix and favorable price vs. cost performance, partially offset by increases in manufacturing costs.
SAS gross profit decreased, reflecting lower volume/mix and higher distribution expenses, partially offset by favorable price vs. cost performance.
27
Nonmanufacturing Expenses
The following table presents nonmanufacturing expenses for the three months ended September 30, 2026 and 2025 (in millions):
| Three Months Ended September 30, | Percent Change | Percent of Net Sales | |||||||||||||||||||||||||||||||||
| 2026 | 2025 | Change | 2026 | 2025 | |||||||||||||||||||||||||||||||
| Selling and general expense | $ | 54.8 | $ | 53.7 | $ | 1.1 | 2.0 | % | 11.0 | % | 10.5 | % | |||||||||||||||||||||||
| Research and development expense | 4.8 | 5.6 | (0.8) | (14.3) | % | 1.0 | % | 1.1 | % | ||||||||||||||||||||||||||
| Intangible asset amortization expense | 15.5 | 16.0 | (0.5) | (3.1) | % | 3.1 | % | 3.1 | % | ||||||||||||||||||||||||||
Nonmanufacturing expenses | $ | 75.1 | $ | 75.3 | $ | (0.2) | (0.3) | % | 15.0 | % | 14.7 | % | |||||||||||||||||||||||
Nonmanufacturing expenses are generally in line with the prior period and include an increase to selling and general expense partially offset by a decrease to research and development expense .
Restructuring and Other Impairment Expense
The following table presents restructuring and other impairment expense for the three months ended September 30, 2026 and 2025 (in millions):
| Three Months Ended | Percent of Net Sales | ||||||||||||||||||||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | Change | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||
| Filtration & Advanced Materials | $ | 1.9 | $ | 7.1 | $ | (5.2) | 0.9 | % | 3.6 | % | |||||||||||||||||||||||||||||||
| Sustainable & Adhesive Solutions | 0.5 | 1.0 | (0.5) | 0.2 | % | 0.3 | % | ||||||||||||||||||||||||||||||||||
| Unallocated expenses | 0.3 | — | 0.3 | ||||||||||||||||||||||||||||||||||||||
| Total | $ | 2.7 | $ | 8.1 | $ | (5.4) | 0.5 | % | 1.6 | % | |||||||||||||||||||||||||||||||
Restructuring and other impairment expenses decreased primarily due to higher impairment and severance charges incurred in the prior period, along with an increase in the fair value of an asset held for sale in the current period. This decrease was partially offset by an other impairment expense incurred in the current period related to a product line rationalization.
Interest Expense
Interest expense of $18.1 million during the three months ended September 30, 2026 increased $0.4 million, or 2.3%, compared to the prior year period.
Other Expense, Net
Other expense was $0.4 million during the three months ended September 30, 2026, compared to the prior year period expense of $3.9 million. The decrease was attributed to pension costs incurred in the prior period and foreign currency losses in the prior period.
Income Taxes
A $2.6 million income tax expense in the three months ended September 30, 2026 resulted in an effective tax rate of 185.7% compared with 42.9% in the prior year period. The Company's effective tax rate for the quarter was impacted by mix of earnings and certain jurisdictions with a full valuation allowance.
28
Net Loss and Net Loss per Share
Net loss during the three months ended September 30, 2026 was $1.2 million, or $0.03 per diluted share, compared with net loss of $3.2 million, or $0.06 per diluted share, during the prior-year quarter.
RESULTS OF OPERATIONS
Comparison of the Nine Months Ended September 30, 2026 and 2025
Net Sales, Cost of Products Sold, and Gross Profit
The following table presents Net sales, Cost of products sold, and Gross profit by segment (in millions):
| Nine Months Ended September 30, | Percent Change | Percent of Net Sales | |||||||||||||||||||||||||||||||||
| 2026 | 2025 | Change | 2026 | 2025 | |||||||||||||||||||||||||||||||
Net sales | |||||||||||||||||||||||||||||||||||
FAM | $ | 608.5 | $ | 590.3 | $ | 18.2 | 3.1 | % | |||||||||||||||||||||||||||
SAS | 902.4 | 933.6 | (31.2) | (3.3) | % | ||||||||||||||||||||||||||||||
Total Net sales | $ | 1,510.9 | $ | 1,523.9 | $ | (13.0) | (0.9) | % | |||||||||||||||||||||||||||
Cost of products sold | |||||||||||||||||||||||||||||||||||
FAM | $ | 469.7 | $ | 466.8 | $ | 2.9 | 0.6 | % | 77.2 | % | 79.1 | % | |||||||||||||||||||||||
SAS | 745.3 | 781.4 | (36.1) | (4.6) | % | 82.6 | % | 83.7 | % | ||||||||||||||||||||||||||
Total Cost of products sold | $ | 1,215.0 | $ | 1,248.2 | $ | (33.2) | (2.7) | % | 80.4 | % | 81.9 | % | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||||||||||||||
FAM | $ | 138.8 | $ | 123.5 | $ | 15.3 | 12.4 | % | 22.8 | % | 20.9 | % | |||||||||||||||||||||||
SAS | 157.1 | 152.2 | 4.9 | 3.2 | % | 17.4 | % | 16.3 | % | ||||||||||||||||||||||||||
Total Gross profit | $ | 295.9 | $ | 275.7 | $ | 20.2 | 7.3 | % | 19.6 | % | 18.1 | % | |||||||||||||||||||||||
The following table presents components of change in net sales by segment for the nine months ended September 30, 2026 compared to 2025 (as a percentage of net sales):
Percent Change in Net Sales | |||||||||||||||||
FAM | SAS | Total | |||||||||||||||
Volume/mix | 1.2 | % | (7.1) | % | (3.9) | % | |||||||||||
Sales associated with exited facilities | (1.4) | — | (0.5) | ||||||||||||||
Total volume/mix | (0.2) | (7.1) | (4.4) | ||||||||||||||
Selling price | 2.1 | 2.9 | 2.5 | ||||||||||||||
Currency translation | 1.2 | 0.9 | 1.0 | ||||||||||||||
Total percent change | 3.1 | % | (3.3) | % | (0.9) | % | |||||||||||
FAM segment net sales increased primarily due to higher selling prices, higher volume/mix, and favorable currency translation, partially offset by the impact from an exited facility.
SAS segment net sales decreased, reflecting lower volume/mix including the impact from the Menasha Tornado and in our Healthcare business, partially offset by higher selling prices and favorable currency translation.
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FAM gross profit increased, reflecting favorable price vs. cost performance, favorable currency, and higher volume/mix.
SAS gross profit increased, reflecting favorable price vs. cost performance, partially offset by lower volume/mix, higher distribution and manufacturing costs, and unfavorable currency.
Nonmanufacturing Expenses
The following table presents nonmanufacturing expenses (in millions):
| Nine Months Ended September 30, | Percent Change | Percent of Net Sales | |||||||||||||||||||||||||||||||||
| 2026 | 2025 | Change | 2026 | 2025 | |||||||||||||||||||||||||||||||
| Selling and general expense | $ | 166.2 | $ | 174.2 | $ | (8.0) | (4.6) | % | 11.0 | % | 11.4 | % | |||||||||||||||||||||||
| Research and development expense | 15.2 | 18.6 | (3.4) | (18.3) | % | 1.0 | % | 1.2 | % | ||||||||||||||||||||||||||
| Intangible asset amortization expense | 47.3 | 47.3 | — | N.M. | 3.1 | % | 3.1 | % | |||||||||||||||||||||||||||
Nonmanufacturing expenses | $ | 228.7 | $ | 240.1 | $ | (11.4) | (4.7) | % | 15.1 | % | 15.8 | % | |||||||||||||||||||||||
Nonmanufacturing expenses decreased due to lower selling and general expense and research and development expense, primarily as a result of actions taken under our organizational realignment initiative (the "Plan"). The actions for R&D were focused on project prioritization and resource optimization.
Restructuring and Other Impairment Expense
The following table presents restructuring and other impairment expense by segment (in millions):
| Nine Months Ended September 30, | Percent of Net Sales | ||||||||||||||||||||||||||||
| 2026 | 2025 | Change | 2026 | 2025 | |||||||||||||||||||||||||
Filtration & Advanced Materials | $ | 3.9 | $ | 15.3 | $ | (11.4) | 0.6 | % | 2.6 | % | |||||||||||||||||||
Sustainable & Adhesive Solutions | 0.5 | 1.5 | (1.0) | 0.1 | % | 0.2 | % | ||||||||||||||||||||||
| Unallocated expenses | 0.3 | 1.4 | (1.1) | ||||||||||||||||||||||||||
| Total | $ | 4.7 | $ | 18.2 | $ | (13.5) | 0.3 | % | 1.2 | % | |||||||||||||||||||
Restructuring and other impairment expenses decreased primarily due to higher impairment and severance charges incurred in the prior period, along with an increase in the fair value of an asset held for sale in the current period. This decrease was partially offset by an other impairment expense incurred in the current period related to a product line rationalization.
Interest Expense
Interest expense of $54.9 million during the nine months ended September 30, 2026 increased $0.8 million, or 1.5%, compared to the prior year period.
Other Income (Expense), Net
Other income was $0.6 million during the nine months ended September 30, 2026, compared to the prior year period expense of $4.2 million. The change was driven by foreign currency in both periods and pension costs incurred in the prior period, partially offset by gains on asset disposals in the prior period.
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Income Taxes
An $8.8 million income tax expense in the nine months ended September 30, 2026 resulted in an effective tax rate of (1760.0)% compared with 3.2% in the prior year period. The Company’s effective tax rate was impacted by mix of earnings and certain jurisdictions with a full valuation allowance. In the prior period, a one-time valuation allowance benefit of $23.5 million offset by a valuation allowance expense of $8.5 million was recorded against certain deferred tax assets and liabilities, as well as a $411.9 million goodwill impairment not deductible for tax.
Net Loss and Net Loss per Share
Net loss during the nine months ended September 30, 2026 was $9.3 million, or $(0.18) per diluted share, compared to net loss of $438.2 million, or $(8.04) per diluted share, during the prior year period.
LIQUIDITY AND CAPITAL RESOURCES
Liquidity and Cash Flow
A major factor in our liquidity and capital resource planning is our generation of cash flow from operations, which is sensitive to changes in the mix of products sold, volume and pricing of our products, as well as changes in our production volumes, costs and working capital. Our liquidity is supplemented by funds available under our Revolving Facility with a syndicate of banks that is used as either operating conditions or strategic opportunities warrant and also by our Receivables Sales Agreement, refer to Note 1. General for additional information.
Cash Requirements
As of September 30, 2026, $72.7 million of the Company's $97.3 million of Cash and cash equivalents was held by foreign subsidiaries. Restricted cash of $4.2 million primarily represents retained contributions associated with our UK Pension scheme, the use of which is restricted to obligations related to the scheme. We believe our sources of liquidity and capital, including cash on-hand, cash generated from operations, our Revolving Facility, and our Receivables Sales Agreement (an off-balance sheet arrangement as defined in Item 303(a)(4)(ii) of SEC Regulation S-K), will be sufficient to finance our continued operations, our current and long-term growth plan, and dividend payments.
The following table presents summarized activity related to our cash flow (in millions):
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
Net cash provided by (used in): | |||||||||||
Operations | $ | 117.4 | $ | 114.5 | |||||||
Investing | (27.0) | (23.0) | |||||||||
Financing | (76.8) | (87.8) | |||||||||
| Effect of exchange rate changes on Cash and cash equivalents and Restricted cash | (1.9) | 4.9 | |||||||||
| Net change in Cash and cash equivalents and Restricted cash | 11.7 | 8.6 | |||||||||
| Cash and cash equivalents and Restricted cash at beginning of period | 89.8 | 94.3 | |||||||||
| Cash and cash equivalents and Restricted cash at end of period | $ | 101.5 | $ | 102.9 | |||||||
Net cash provided by operations increased $2.9 million to $117.4 million for the nine months ended September 30, 2026, compared with cash provided by operations of $114.5 million in the prior year. The increase was attributable to a lower net loss, adjusted for non-cash items, partially offset by unfavorable year-over-year movements in working capital related cash flows.
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During the nine months ended September 30, 2026, net changes in operating working capital resulted in cash inflows of $11.9 million, compared to $35.3 million of inflows during the prior year period. The $23.4 million change was driven by outflows associated with inventory, partially offset by accounts payable and other current liabilities, and accrued income taxes.
Cash used in investing activities increased $4.0 million during the nine months ended September 30, 2026 compared to the prior year and was attributable to proceeds from sale of assets and cash received from settlement of swap contracts in the prior year, offset by lower capital spending in the current year.
Cash used in financing activities decreased $11.0 million during the nine months ended September 30, 2026 compared to the prior year. The decrease was attributable to the refinancing of the Company's Credit Agreement during April of 2026.
The Company presently believes the sources of liquidity discussed above are sufficient to meet our anticipated funding needs for the foreseeable future.
Dividend Payments
On November 4, 2026, we announced a cash dividend of $0.10 per share payable on December 18, 2026 to stockholders of record as of November 27, 2026. The Company is subject to covenants, discussed below, which require that we maintain certain financial ratios none of which under normal business conditions materially limit our ability to pay such dividends. We will continue to assess our dividend policy in light of our overall strategy, cash generation, debt levels and ongoing requirements for cash to fund operations and to pursue possible strategic opportunities.
Debt Instruments and Related Covenants
As of September 30, 2026, the Company had $976.4 million of total debt, $97.3 million of Cash and cash equivalents, $4.2 million of Restricted cash, and $276.2 million of undrawn capacity on its $305.0 million Revolving Facility. Per the terms of the Company's Amended Credit Agreement, net leverage was 3.8x at the end of the third quarter, versus a current maximum covenant ratio of 5.00x.
As of September 30, 2026, the Company’s nearest debt maturity is the 8.000% $400.0 million senior notes due October 1, 2029.
The following table presents activity related to our debt instruments for the nine months ended September 30, 2026 and 2025 (in millions):
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Proceeds from long-term debt | $ | 705.7 | $ | 64.0 | |||||||
| Payments on long-term debt | (728.1) | (131.1) | |||||||||
Net payments from borrowings | $ | (22.4) | $ | (67.1) | |||||||
The Company was in compliance with all of its covenants under the amended Credit Agreement at September 30, 2026. With the current level of borrowing and forecasted results, we expect to remain in compliance with our amended Credit Agreement financial covenants.
Our total debt to capital ratios, as calculated under the amended Credit Agreement, at September 30, 2026 and December 31, 2025 were 67.6% and 67.1%, respectively.
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Critical Accounting Policies and Estimates
The preparation of our unaudited condensed consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires management to make judgments, assumptions and estimates that affect the amounts reported. There have been no material changes to the critical accounting policies and estimates described in our Form 10-K for the 2025 fiscal year ended December 31, 2025.
For further information about our critical accounting policies, please see the discussion of critical accounting policies in our Annual Report on Form 10-K for the year ended December 31, 2025 in the section captioned "Management's Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates."
FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q 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 our expectations related to the impact of tariffs, the incurrence of additional debt and expected maturities of the Company’s debt obligations, the adequacy of our sources of liquidity and capital, the cost and timing of our restructuring actions, the impact of ongoing litigation matters and environmental claims, the amount of capital spending and/or common stock repurchases, future cash flows, impacts and timing of our cost-reduction and cost-optimization initiatives, profitability, and cash flow, 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 report. These risks include, among other things, those set forth in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025, and otherwise in our reports and filings with the Securities and Exchange Commission ("SEC"), as well as 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;
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•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;
•Risks associated with international conflicts and disputes, such as the ongoing conflict between Russia and Ukraine, and conflicts in the Middle East, and their corresponding impact on global macroeconomic conditions (including volatility in oil prices), as well as adverse impacts on 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. 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.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Our market risk exposure at September 30, 2026 is consistent with, and not materially different than, the market risk and discussion of exposure presented under the caption "Quantitative and Qualitative Disclosures about Market Risk" in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2025.
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Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We currently have in place systems relating to disclosure controls and procedures designed to ensure the timely recording, processing, summarizing and reporting of information required to be disclosed in periodic reports under the Securities Exchange Act of 1934, as amended. These disclosure controls and procedures include those designed to ensure that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions about required disclosure. Upon completing our review and evaluation of the effectiveness of our disclosure controls and procedures as of September 30, 2026, our Chief Executive Officer and Chief Financial Officer have concluded that these controls and procedures were effective as of September 30, 2026.
Changes in Internal Control Over Financial Reporting
No changes in our internal control over financial reporting were identified as having occurred in the fiscal quarter ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II - OTHER INFORMATION
Item 1. Legal Proceedings
The Company is subject to various claims and pending or threatened lawsuits in the normal course of business. The Company is not currently a party to any legal proceedings that it believes would have a material adverse effect on its financial position, results of operations, or cash flows. Refer to Note 10. Commitments and Contingencies of the notes to the unaudited condensed consolidated financial statements included in this report.
Item 1A. Risk Factors
There have been no material changes to the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2025. In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed in Part I, Item 1A, "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which could materially affect our business, financial condition or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Purchases of Equity Securities By the Issuer and Affiliated Purchasers
In August 2023, the Board of Directors authorized the repurchase of shares of Mativ Common Stock in an amount not to exceed $30.0 million. Under the current $30.0 million authorization, the Company repurchased 539,386 shares for $8.0 million cumulatively as of November 2, 2026.
The Company did not repurchase shares during the three months ended September 30, 2026, and the remaining amount of share repurchases currently authorized by our Board of Directors as of September 30, 2026 is $22.0 million.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Securities Trading Plans of Directors and Executive Officers
During the fiscal quarter ended September 30, 2026, none of the Company’s directors or executive officers adopted terminated
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Item 6. Exhibits
| Exhibit Number | Exhibit | |||||||
| 3.1 | Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2009). | |||||||
| 3.2 | Certificate of Amendment to the Certificate of Incorporation of the Company (filed on August 21, 1995), effective as of July 6, 2022 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on July 6, 2022). | |||||||
| 3.3 | Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on March 11, 2025). | |||||||
| *31.1 | Certification of the Chief Executive Officer pursuant to Rule 13a-14(a)/15(d)-14(a) of the Securities Exchange Act of 1934, as amended. | |||||||
| *31.2 | Certification of the Chief Financial Officer pursuant to Rule 13a-14(a)/15(d)-14(a) of the Securities Exchange Act of 1934, as amended. | |||||||
| *32 | Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||
| 101 | The following materials from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the unaudited condensed consolidated statements of income (loss), (ii) the unaudited condensed consolidated statements of comprehensive income (loss), (iii) the unaudited condensed consolidated balance sheets, (iv) the unaudited condensed consolidated statements of changes in stockholders' equity, (v) the unaudited condensed consolidated statements of cash flows, and (vi) notes to unaudited condensed consolidated financial statements. | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||
* Filed herewith
+ Indicates management compensatory plan or arrangement
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Mativ Holdings, Inc.
(Registrant)
| By: | /s/ Shruti Singhal | |||||||||||||
| Shruti Singhal President and Chief Executive Officer (duly authorized officer and principal executive officer) | ||||||||||||||
| November 5, 2026 | ||||||||||||||
| By: | /s/ Scott Minder | |||||||||||||
| Scott Minder Executive Vice President and Chief Financial Officer (duly authorized officer and principal financial officer) | ||||||||||||||
| November 5, 2026 | ||||||||||||||
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