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Matthews International (NASDAQ: MATW) cuts 2026 EBITDA outlook after Q3 loss

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(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Matthews International Corporation reported weaker results for the third quarter of fiscal 2026 as portfolio changes and Industrial Technologies challenges weighed on earnings. Sales were $246.0 million, down 29.6% from $349.4 million a year earlier. The company posted a net loss of $23.7 million, or -$0.75 per diluted share, versus net income of $15.4 million, or $0.49 per share. Non‑GAAP adjusted EPS was $0.06, down from $0.28, and adjusted EBITDA declined to $35.0 million from $44.6 million. For the first nine months, sales fell to $789.4 million from $1,178.8 million and adjusted EBITDA to $115.0 million from $136.0 million.

Memorialization grew sales modestly to $208.1 million with relatively stable adjusted EBITDA, helped by the Dodge acquisition but pressured by lower casket and memorial volumes and higher input costs. Industrial Technologies sales dropped to $38.0 million and adjusted EBITDA to -$5.4 million, reflecting divestitures, delays in energy storage projects and an engineering restructuring expected to deliver $10 million in annual savings at a similar total cost. Brand Solutions now contributes mainly through the Propelis equity‑method investment, with $9.7 million of adjusted EBITDA in the quarter.

Management reduced full‑year adjusted EBITDA guidance to $158–$162 million (including its estimated 40% share of Propelis adjusted EBITDA and preferred equity income), citing delayed energy‑storage revenue, litigation‑related impacts in engineering and slower‑than‑planned Propelis synergies. Debt reduction remains a focus: total debt has been cut by $144 million in fiscal 2026 to $567.3 million, supported by a $25 million Propelis preferred equity redemption. Net debt was $529.7 million at June 30, 2026; operating cash flow for the year to date was a use of $69.5 million, while investing activities provided $267.4 million, largely from divestitures.

Positive

  • Total debt was reduced by $144 million during fiscal 2026 to $567.3 million, aided by divestiture proceeds and a $25 million Propelis preferred equity redemption, lowering net debt to $529.7 million at June 30, 2026.
  • The Dodge Company acquisition and cost actions helped Memorialization lift Q3 sales to $208.1 million and maintain adjusted EBITDA around $42 million, with most targeted cost synergies already realized.

Negative

  • Q3 2026 swung to a net loss of $23.7 million (‑$0.75 per share) from net income of $15.4 million, as sales dropped 29.6% to $246.0 million and adjusted EBITDA fell to $35.0 million.
  • The Industrial Technologies segment weakened sharply, with Q3 sales down to $38.0 million and adjusted EBITDA at ‑$5.4 million, reflecting divestitures, engineering delays and Tesla‑related litigation costs.
  • Full‑year adjusted EBITDA guidance was reduced to $158–$162 million, including the company’s estimated 40% share of Propelis adjusted EBITDA and preferred equity income, due to operational delays and slower synergy realization.

Insights

Analyzing...

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q3 2026 Sales $246,016 thousand Three months ended June 30, 2026 consolidated sales
Q3 2026 Net (Loss) Income $(23,689) thousand Three months ended June 30, 2026 consolidated net loss
Q3 2026 Diluted EPS -$0.75 Diluted loss per share for the quarter ended June 30, 2026
Q3 2026 Adjusted EBITDA $34,973 thousand Total adjusted EBITDA for the quarter ended June 30, 2026
Revised 2026 Adjusted EBITDA Guidance $158–$162 million Full‑year fiscal 2026 adjusted EBITDA outlook including 40% of Propelis
Fiscal 2026 Debt Reduction $144 million Total debt reduction during fiscal 2026 through June 30, 2026
Net Debt at June 30, 2026 $529,661 thousand Total debt minus cash and cash equivalents as of June 30, 2026
Industrial Technologies Q3 2026 Adjusted EBITDA $(5,434) thousand Segment adjusted EBITDA for Industrial Technologies in Q3 2026
Adjusted EBITDA financial
"Total Adjusted EBITDA was $34,973 for the three months ended June 30, 2026"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
equity-method investment financial
"the Company's portion of earnings (losses) for its equity-method investment in Propelis"
An equity-method investment is an accounting treatment used when a company owns a large minority stake in another company and can influence its decisions but does not fully control it. Like owning a meaningful slice of a bakery and recording your share of its daily profits or losses on your own books, the investor reports its proportionate share of the investee’s earnings rather than only the dividends received, which affects reported income, balance sheet size, and how investors view profitability and risk.
highly inflationary accounting financial
"Represents exchange losses associated with highly inflationary accounting related to certain Turkish subsidiaries"
Highly inflationary accounting is the set of rules used when a company does business in an economy where prices are rising very rapidly, forcing its financial records to be updated so amounts reflect current purchasing power. For investors this matters because it changes reported revenue, profit, and debts to show a truer picture of performance and financial health—similar to updating an old household budget to today’s prices so comparisons over time are meaningful.
loss on debt extinguishment financial
"Loss on debt extinguishment was $16,343 for the nine months ended June 30, 2026"
Loss on debt extinguishment is a one-time accounting charge a company records when it pays off, refinances, or otherwise cancels debt for more than the outstanding amount on its books — think of it like paying a penalty to break a loan early. Investors care because it reduces reported earnings in the period it’s recorded and uses cash, but it can also signal a strategic move to cut future interest costs or a sign of financial stress.
constant currency sales financial
"Constant currency sales for the nine months ended June 30, 2026 were $781,193"
Constant currency sales measure a company’s revenue as if exchange rates had not changed over the comparison period, isolating underlying business growth from swings in foreign currencies. For investors, this is like comparing two years’ prices after converting both into the same currency rate so you can see whether sales rose because of real demand and pricing or merely because the local currency moved; it helps assess true operational performance.
net debt financial
"Net Debt was $529,661 at June 30, 2026 based on total debt less cash"
Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.
Q3 2026 Sales $246.0 million down 29.6% from $349.4 million in Q3 2025
Q3 2026 Net (Loss) Income -$23.7 million from net income of $15.4 million in Q3 2025
Q3 2026 Diluted EPS -$0.75 from $0.49 in Q3 2025
Q3 2026 Adjusted EBITDA $35.0 million down from $44.6 million in Q3 2025
Q3 2026 Adjusted EPS $0.06 down from $0.28 in Q3 2025
Guidance

Adjusted EBITDA guidance for fiscal 2026 was reduced to $158–$162 million, including the company’s estimated 40% share of Propelis adjusted EBITDA and income from its preferred equity investment in Propelis.

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FAQ

How did Matthews International (MATW) perform in Q3 2026?
Matthews International reported Q3 2026 sales of $246.0 million, down 29.6% year over year, and a net loss of $23.7 million, or -$0.75 per diluted share. Adjusted EBITDA was $35.0 million and non‑GAAP adjusted EPS was $0.06.

What earnings guidance did Matthews International (MATW) provide for fiscal 2026?
Management revised adjusted EBITDA guidance for fiscal 2026 to a range of $158–$162 million. This outlook includes Matthews’ estimated 40% share of Propelis adjusted EBITDA and income from its preferred equity investment in Propelis.

How is Matthews International (MATW) managing its debt and cash flows?
Total debt was reduced by $144 million in fiscal 2026 to $567.3 million, bringing net debt to $529.7 million. Year‑to‑date operating cash flow used $69.5 million, while investing activities provided $267.4 million, mainly from divestitures.

What is Propelis’ impact on Matthews International (MATW) results?
Propelis contributed about $10.0 million of adjusted EBITDA to Matthews’ Q3 2026 results and $32.4 million year‑to‑date. Matthews also received $25 million in cash from a redemption of its preferred equity interest in Propelis during the quarter.

What restructuring actions is Matthews International (MATW) taking in Industrial Technologies?
Matthews initiated a restructuring of its European engineering operations expected to deliver $10 million in annual cost savings, with total cost to achieve also about $10 million. Approximately $5 million of these charges affected Q3 2026 results.
0000063296false00000632962026-08-062026-08-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
____________________________________________________________
FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 6, 2026

____________________________________________________________
MATTHEWS INTERNATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
____________________________________________________________
Pennsylvania0-0911525-0644320
(State or other jurisdiction of(Commission(I.R.S. Employer
Incorporation or organization)File Number)Identification No.)

Two Northshore Center, Pittsburgh, PA 15212-5851
(Address of principal executive offices) (Zip Code)

(412) 442-8200
(Registrant's telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
_____________________________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, $1.00 par valueMATWNasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐




Item 2.02    Results of Operations and Financial Condition.

On August 6, 2026, Matthews International Corporation ("Matthews" or the "Company") issued a press release announcing its earnings for the third fiscal quarter of 2026. A copy of the press release is furnished hereto as Exhibit 99.1.


Item 7.01      Regulation FD Disclosure.

On August 6, 2026, Matthews posted to the Company's website (www.matw.com/investors) its earnings teleconference presentation which includes selected financial results for the third fiscal quarter of 2026. The presentation is furnished herewith as Exhibit 99.2. This information, including exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. This information shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference to this Form 8-K in such a filing.

Item 9.01     Financial Statements and Exhibits.

(d)  Exhibits.
Exhibit
Number		Description
99.1
Press Release, dated August 6, 2026, issued by Matthews International Corporation
99.2
Matthews International Corporation earnings teleconference presentation for the third fiscal quarter of 2026
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)





SIGNATURE

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 hereunto duly authorized.
MATTHEWS INTERNATIONAL CORPORATION
(Registrant)
By:/s/ Daniel E. Stopar
Daniel E. Stopar
Chief Financial Officer and Treasurer

Date: August 7, 2026



matwimagea09.jpg
NEWS RELEASE

Matthews International Corporation
Corporate Office
Two NorthShore Center
Pittsburgh, PA 15212-5851
Phone: (412) 442-8200
August 6, 2026Contact:Daniel E. Stopar
Chief Financial Officer and Treasurer
MATTHEWS INTERNATIONAL REPORTS RESULTS FOR
FISCAL 2026 THIRD QUARTER

Fiscal 2026 Third Quarter and Year-to-Date Financial Highlights:
•Memorialization reports higher sales for Q3 and the nine months ended June 30, 2026 compared to last year
•Product Identification sales grew 5% in Q3 compared to last year
•$25 million cash received in Q3 for the redemption of preferred equity interest in Propelis
•Debt was reduced by $12 million during Q3 and $144 million during fiscal 2026
•Restructuring actions announced in the Engineering business that will deliver $10 million annualized savings
•The Company issues revised earnings outlook for fiscal 2026
•Webcast: Friday, August 7, 2026, 9:00 a.m., 785-838-9251

PITTSBURGH, PA, August 6, 2026 - Matthews International Corporation (NASDAQ GSM: MATW) today announced financial results for its third quarter of fiscal 2026.

In discussing the results for the Company’s fiscal 2026 third quarter, Joseph C. Bartolacci, President and Chief Executive Officer, stated:

“The fiscal 2026 third quarter was a challenging quarter for us across all business segments. We continue to experience delays in the energy storage solutions business which are expected to extend through the balance of the fiscal year. Despite winning a significant new coating & converting order this quarter, the project has not contributed significantly to our financial results as of yet. In response to these challenges, we have taken difficult but necessary action to reduce the cost base of this business by $10 million annually. Additionally, our flagship Memorialization businesses continue to experience headwinds in terms of lower volumes combined with input costs escalating beyond inflationary price increases. Lastly, while the anticipated synergy benefits at The Propelis Group (“Propelis”) are now beginning to scale, our expectations of the timing to realize those synergies has not been achieved, resulting in an estimated $5 million shortfall to our full year forecast. Due to these combination of factors, we are reducing our previous earnings guidance for adjusted EBITDA to be in the range of $158 million to $162 million (which includes our estimated 40% share of Propelis adjusted EBITDA) for fiscal 2026."

"Despite the near-term challenges for the remainder of this fiscal year, we remain focused on driving shareholder value, including properly aligning our cost structure with the future state of our operations. Our GAAP earnings continue to be impacted by the costs associated with these efforts, however our corporate and other non-operating costs have yielded savings compared to last year, positively impacting our margins. We continue to execute on further cost reductions to scale our structure as post-divestiture support obligations are expected to expire over the balance of the calendar year.”


Matthews International Reports Results for Fiscal 2026 Third Quarter
Page 2 of 11
August 6, 2026
“Sales for the Memorialization segment for the fiscal 2026 third quarter were higher than a year ago primarily reflecting the recent acquisition of The Dodge Company. This acquisition continues to be nicely accretive to earnings as we leverage the benefits of our Memorialization commercial platform and have already realized the majority of targeted cost synergies. Sales volumes of caskets and cemetery memorials continued to be a headwind in the quarter due to lower estimated U.S. casketed deaths, which was compounded by escalating input costs. Inflationary price realization only partially offset the impact of these factors on our profitability for the quarter.”

“The Industrial Technologies segment reported a decline in sales for the fiscal 2026 third quarter. The decrease mainly resulted from the divestiture of the warehouse automation business during the fiscal first quarter of 2026 and challenges in our engineering business, including the impacts of the ongoing Tesla dispute. During the third quarter, we initiated a restructuring program in our European engineering operations that will yield $10 million annual cost savings. We expect the total cost to achieve related to this restructuring to be approximately $10 million, of which approximately $5 million impacted third quarter results. Despite these difficult actions, we continue to focus on the long-term potential of dry electrode battery manufacturing as evidenced by launching MEODEO™, a next-generation, full-scale mass production demonstration line for dry-electrode battery manufacturing at our development center in Vreden, Germany. This facility offers our customers expanded testing capabilities from laboratory scale up to industrial gigafactory production. Our Product Identification business continues to receive significant customer interest in the MPERIA® Axian Inkjet (XIJ) systems and we are pleased to announce a strategic partnership with Linx Printing Technologies designed to broaden customer access to each company’s product portfolio in key markets, opening the opportunity for our products to reach consumer packaged goods customers in the UK and France.
“Results for Propelis have shown considerable margin improvement from the first calendar quarter to the second. The joint venture remains on track to deliver a significant portion of the estimated $60 million of identified synergy opportunities over the coming quarters. Additionally, Propelis redeemed a portion of their shareholders’ interests in the third quarter, which provided $25 million of cash to Matthews that was used primarily to bring down our debt balance.”

“Over the last two years, the Board, with the support of J.P. Morgan, identified several alternatives for evaluation and consideration toward improving shareholder value and better alignment with the underlying value of the organization. The divestitures of SGK in 2025, and the warehouse automation and European packaging businesses in the first quarter of 2026 are all outcomes of this effort to simplify Matthews’ business structure and enhance shareholder value. The Company’s strategic alternatives review remains ongoing with a heavy focus on developing strategic partnerships for our Industrial Technologies businesses.”

Divestiture of the SGK Business

The fiscal 2025 consolidated financial information presented in this release reflects the financial results of the SGK business through the closing date. As a result of the integration process of Propelis and transition to its stand-alone reporting systems, our 40% portion of the financial results of Propelis is reported on a one-quarter lag. Consequently, for the three months ended June 30, 2026, the Company's portion of earnings (losses) for its equity-method investment in Propelis includes the months from January 2026 through March 2026. For the nine months ended June 30, 2026, the Company's portion of earnings (losses) for its equity-method investment in Propelis includes the months from July 2025 through March 2026.

The Company’s consolidated adjusted EBITDA for the fiscal third quarter of 2026 includes approximately a $10.0 million adjusted EBITDA contribution from Propelis. Based on preliminary estimates of adjusted EBITDA provided by Propelis for the quarter ended June 30, 2026, our 40% portion of their adjusted

Matthews International Reports Results for Fiscal 2026 Third Quarter
Page 3 of 11
August 6, 2026
EBITDA would be $12.7 million. The Company’s consolidated adjusted EBITDA for the fiscal nine months ended June 30, 2026 includes a $32.4 million adjusted EBITDA contribution from Propelis. Based on preliminary financial estimates of adjusted EBITDA provided by Propelis for the period October 1, 2025 through June 30, 2026, our 40% portion of their adjusted EBITDA would be $32.2 million. Please note that these projections are unaudited and subject to review and, as a result, may change.

Webcast

The Company will host a conference call and webcast on Friday, August 7, 2026 at 9:00 a.m. Eastern Time to review its financial and operating results and discuss its corporate strategies and outlook. A question-and-answer session will follow. The conference call can be accessed by dialing (785)-838-9251, Conference ID: Matthews. The audio webcast can be monitored at www.matw.com. As soon as available after the call, a transcript of the call will be posted on the Investor Relations section of the Company’s website at www.matw.com.

About Matthews International Corporation

Matthews International Corporation operates through two core global businesses – Industrial Technologies and Memorialization. Both are focused on driving operational efficiency and long-term growth through continuous innovation and strategic expansion. The Industrial Technologies segment evolved from our original marking business, which today is a leading global innovator committed to empowering visionaries to transform industries through the application of precision technologies and intelligent processes. The Memorialization segment is a leading provider of memorialization products, including memorials, caskets and cremation and incineration equipment, primarily to cemetery and funeral home customers that help families move from grief to remembrance. In addition, the Company also has a significant investment in Propelis, a brand solutions business formed through the merger of SGK and SGS & Co. Propelis delivers integrated solutions including brand creative, packaging, print solutions, branded environments, and content production. Matthews International has over 4,300 employees in 15 countries on four continents that are committed to delivering the highest quality products and services.

Matthews International Reports Results for Fiscal 2026 Third Quarter
Page 4 of 11
August 6, 2026
Forward-looking Information

Any forward-looking statements contained in this release are included pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, beliefs, intentions or strategies of the Company regarding the future, and may be identified by the use of words such as “expects,” “believes,” “intends,” “projects,” “anticipates,” “estimates,” “plans,” “seeks,” “forecasts,” “predicts,” “objective,” “targets,” “potential,” “outlook,” “may,” “will,” “could” or the negative of these terms, other comparable terminology and variations thereof.  Such forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to be materially different from management's expectations, and no assurance can be given that such expectations will prove correct.  Factors that could cause the Company's results to differ materially from the results discussed in such forward-looking statements principally include risks to our ability to achieve the anticipated benefits of the joint venture transaction with Peninsula Parent LLC, d.b.a. Propelis Group ("Propelis"), changes in domestic or international economic conditions, changes in foreign currency exchange rates, changes in interest rates, changes in the cost of materials used in the manufacture of the Company's products, including changes in costs due to adjustments to tariffs or supply chain disruptions, any impairment of goodwill or intangible assets, environmental liability and limitations on the Company’s operations due to environmental laws and regulations, disruptions to certain services, such as telecommunications, network server maintenance, cloud computing or transaction processing services, provided to the Company by third-parties, changes in mortality and cremation rates, changes in product demand or pricing as a result of consolidation in the industries in which the Company operates, or other factors such as labor shortages or labor cost increases, changes in product demand or pricing as a result of domestic or international competitive pressures, ability to achieve cost-reduction objectives, unknown risks in connection with the Company's acquisitions, divestitures, and business combinations, cybersecurity concerns and costs arising with management of cybersecurity threats, effectiveness of the Company's internal controls, compliance with domestic and foreign laws and regulations, technological factors beyond the Company's control, impact of pandemics or similar outbreaks, or other disruptions to our industries, customers, or supply chains, the impact of global conflicts, such as the current war between Russia and Ukraine and hostilities in the Middle East, and conflicts and related sanctions or trade restrictions involving Venezuela, the Company's plans and expectations with respect to its exploration, and contemplated execution, of various strategies with respect to its portfolio of businesses, the Company's plans and expectations with respect to its Board of Directors, and other factors described in the Company’s Annual Report on Form 10-K and other periodic filings with the U.S. Securities and Exchange Commission.

Matthews International Reports Results for Fiscal 2026 Third Quarter
Page 5 of 11
August 6, 2026
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(In thousands, except per share data)
Three Months Ended
June 30,		Nine Months Ended
June 30,
20262025% Change20262025% Change
Sales$246,016 $349,377 (29.6)%$789,398 $1,178,848 (33.0)%
Cost of sales(157,824)(227,421)(30.6)%(499,549)(787,088)(36.5)%
Gross profit88,192 121,956 (27.7)%289,849 391,760 (26.0)%
Gross margin35.8 %34.9 %36.7 %33.2 %
Selling and administrative expenses(99,144)(100,394)(1.2)%(310,076)(343,616)(9.8)%
Amortization of intangible assets(2,503)(3,474)(28.0)%(8,143)(16,362)(50.2)%
Gain on divestitures, net234 57,103 (99.6)%109,498 55,031 99.0 %
Operating (loss) profit(13,221)75,191 (117.6)%81,128 86,813 (6.5)%
Operating margin(5.4)%21.5 %10.3 %7.4 %
Interest and other deductions, net(10,422)(16,327)(36.2)%(32,061)(45,423)(29.4)%
Loss on debt extinguishment— — NM(16,343)— NM
(Loss) income before income taxes(23,643)58,864 (140.2)%32,724 41,390 (20.9)%
Income taxes(46)(43,477)(99.9)%(34,618)(38,391)(9.8)%
Net (loss) income$(23,689)$15,387 NM$(1,894)$2,999 NM
(Loss) earnings per share -- diluted$(0.75)$0.49 NM$(0.06)$0.10 NM
Earnings per share -- non-GAAP (1)
$0.06 $0.28 (78.6)%$0.24 $0.76 (68.4)%
Dividends declared per share$0.255 $0.25 2.0 %$0.765 $0.75 2.0 %
Diluted Shares 31,438 31,425 31,353 31,408 
(1) See reconciliation of non-GAAP financial information provided in tables at the end of this release
NM: Not meaningful


SEGMENT INFORMATION (Unaudited)
(In thousands)
Three Months Ended
June 30,		Nine Months Ended
June 30,
2026202520262025
Sales:
Memorialization$208,060 $203,728 $627,492 $599,834 
Industrial Technologies37,956 87,901 150,333 249,269 
Brand Solutions— 57,748 11,573 329,745 
$246,016 $349,377 $789,398 $1,178,848 
Adjusted EBITDA:
Memorialization$42,248 $42,801 $130,028 $124,451 
Industrial Technologies(5,434)9,047 (13,205)16,921 
Brand Solutions9,700 5,004 32,009 32,892 
Corporate and Non-Operating(11,541)(12,302)(33,877)(38,277)
Total Adjusted EBITDA (1)
$34,973 $44,550 $114,955 $135,987 
(1) See reconciliation of non-GAAP financial information provided in tables at the end of this release

Matthews International Reports Results for Fiscal 2026 Third Quarter
Page 6 of 11
August 6, 2026
CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION (Unaudited)
(In thousands)
June 30, 2026September 30, 2025
ASSETS
Cash and cash equivalents$37,602 $32,433 
Accounts receivable, net105,755 132,940 
Inventories, net203,430 202,827 
Other current assets137,688 151,968 
Total current assets484,475 520,168 
Investments246,500 288,637 
Property, plant and equipment, net176,221 224,575 
Goodwill438,824 487,561 
Other intangible assets, net89,476 105,958 
Other long-term assets70,020 67,543 
Total assets$1,505,516 $1,694,442 
LIABILITIES
Long-term debt, current maturities $7,812 $7,230 
Other current liabilities268,079 343,250 
Total current liabilities275,891 350,480 
Long-term debt559,451 703,602 
Other long-term liabilities184,206 159,418 
Total liabilities1,019,548 1,213,500 
SHAREHOLDERS' EQUITY
Total shareholders' equity485,968 480,942 
Total liabilities and shareholders' equity$1,505,516 $1,694,442 






























Matthews International Reports Results for Fiscal 2026 Third Quarter
Page 7 of 11
August 6, 2026
CONDENSED CONSOLIDATED CASH FLOWS INFORMATION (Unaudited)
(In thousands)
Nine Months Ended June 30,
20262025
Cash flows from operating activities:
Net (loss) income$(1,894)$2,999 
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Depreciation and amortization35,858 56,571 
Gain on divestitures, net(109,498)(55,031)
Loss on debt extinguishment16,343 — 
Changes in working capital items(46,142)(50,559)
Other operating activities35,786 12,139 
Net cash used in operating activities(69,547)(33,881)
Cash flows from investing activities:
Capital expenditures(13,323)(26,390)
Acquisitions, net of cash acquired(524)(57,842)
Proceeds from sale of assets10,061 14,927 
Proceeds from divestitures243,647 230,053 
Other investing activities27,580 (7,499)
Net cash provided by investing activities267,441 153,249 
Cash flows from financing activities:
Net payments on from long-term debt(146,425)(70,292)
Purchases of treasury stock(5,777)(12,122)
Dividends(25,561)(24,740)
Other financing activities(14,740)(32,286)
Net cash used in financing activities(192,503)(139,440)
Effect of exchange rate changes on cash(222)(361)
Net change in cash and cash equivalents$5,169 $(20,433)


Matthews International Reports Results for Fiscal 2026 Third Quarter
Page 8 of 11
August 6, 2026
Reconciliations of Non-GAAP Financial Measures

Included in this report are measures of financial performance that are not defined by GAAP, including, without limitation, adjusted EBITDA, adjusted net income and EPS, constant currency sales, constant currency adjusted EBITDA, net debt and net debt leverage ratio. The Company defines net debt leverage ratio as outstanding debt (net of cash) relative to adjusted EBITDA. The Company uses non-GAAP financial measures to assist in comparing its performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect the Company’s core operations including acquisition and divestiture costs, ERP system integration costs, strategic initiative and other charges (which includes non-recurring charges related to certain commercial and operational initiatives and exit activities), stock-based compensation and the non-service portion of pension and postretirement expense. Constant currency sales and constant currency adjusted EBITDA remove the impact of changes due to foreign exchange translation rates. To calculate sales and adjusted EBITDA on a constant currency basis, amounts for periods in the current fiscal year are translated into U.S. dollars using exchange rates applicable to the comparable periods of the prior fiscal year. Management believes that presenting non-GAAP financial measures is useful to investors because it (i) provides investors with meaningful supplemental information regarding financial performance by excluding certain items that management believes do not directly reflect the Company's core operations, (ii) permits investors to view performance using the same tools that management uses to budget, forecast, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provides supplemental information that may be useful to investors in evaluating the Company’s results. The Company's calculations of its non-GAAP financial measures, however, may not be comparable to similarly titled measures reported by other companies. The Company believes that the presentation of these non-GAAP financial measures, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provided herein, provide investors with an additional understanding of the factors and trends affecting the Company’s business that could not be obtained absent these disclosures.







Matthews International Reports Results for Fiscal 2026 Third Quarter
Page 9 of 11
August 6, 2026
ADJUSTED EBITDA RECONCILIATION (Unaudited)
(In thousands)
Three Months Ended
June 30,		Nine Months Ended
June 30,
2026202520262025
Net (loss) income$(23,689)$15,387 $(1,894)$2,999 
Income tax provision46 43,477 34,618 38,391 
(Loss) income before income taxes$(23,643)$58,864 $32,724 $41,390 
Propelis depreciation, amortization, interest and other items (1)
15,634 — 49,613 — 
Interest expense, including RPA and factoring financing fees (2)
10,800 16,804 36,525 50,668 
Loss on debt extinguishment— — 16,343 — 
Depreciation and amortization *
11,654 15,836 35,858 56,571 
Acquisition and divestiture related items (3)**
337 (9,473)1,649 4,805 
Strategic initiatives and other items (4)**†
15,333 10,315 36,977 16,303 
Gain on divestitures, net(234)(57,103)(109,498)(55,031)
Highly inflationary accounting losses (primarily non-cash) (5)
— 325 16 1,036 
Stock-based compensation 5,054 8,841 14,597 19,838 
Non-service pension and postretirement expense (6)
38 141 151 407 
Total Adjusted EBITDA$34,973 $44,550 $114,955 $135,987 
Adjusted EBITDA margin14.2 %12.8 %14.6 %11.5 %
(1) Represents the Company's portion of depreciation, intangible amortization, interest expense, and other items incurred by Propelis.
(2) Includes fees for receivables sold under the RPA and factoring arrangements totaling $380 and $974 for the three months ended June 30, 2026 and 2025, respectively and $1,430 and $3,291 for the nine months ended June 30, 2026 and 2025, respectively.
(3) Includes certain non-recurring items associated with recent acquisition and divestiture activities.
(4) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives, and costs associated with global ERP system integration efforts. Also includes litigation costs related to an ongoing dispute with Tesla, Inc. ("Tesla"), which totaled $7,772 and $5,795 for the three months ended June 30, 2026 and 2025, respectively and $18,944 and $14,419 for the nine months ended June 30, 2026 and 2025, respectively. Fiscal 2025 includes costs related to the Company's 2025 contested proxy which totaled $207 for the three months ended June 30, 2025 and $5,109 for the nine months ended June 30, 2025. Fiscal 2025 includes net gains on the sales of certain significant property and other assets of $8,655 for the nine months ended June 30, 2025. Fiscal 2025 also includes loss recoveries totaling $538 for the three months ended June 30, 2025 and $1,708 for the nine months ended June 30, 2025 which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015.
(5) Represents exchange losses associated with highly inflationary accounting related to certain Turkish subsidiaries which were recently divested.
(6) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans.
* Depreciation and amortization was $7,985 and $7,394 for the Memorialization segment, $3,105 and $5,489 for the Industrial Technologies segment, and $564 and $596 for Corporate and Non-Operating, for the three months ended June 30, 2026 and 2025, respectively. Depreciation and amortization was $24,173 and $21,766 for the Memorialization segment, $9,549 and $16,807 for the Industrial Technologies segment, $609 and $15,935 for the Brand Solutions segment, and $1,527 and $2,063 for Corporate and Non-Operating, for the nine months ended June 30, 2026 and 2025, respectively. Depreciation and amortization was $2,357 for the Brand Solutions segment for the three months ended June 30, 2026.
** Acquisition costs, ERP system integration costs, and strategic initiatives and other charges were $1 and $552 for the Memorialization segment, $13,239 and $9,079 for the Industrial Technologies segment, $126 and $1,692 for the Brand Solutions segment, and $2,304 and income of $10,481 for Corporate and Non-Operating, for the three months ended June 30, 2026 and 2025, respectively. Acquisition costs, ERP system integration costs, and strategic initiatives and other charges were $450 and $4,265 for the Memorialization segment, $26,331 and $13,390 for the Industrial Technologies segment, $3,621 and $2,822 for the Brand Solutions segment, and $8,224 and $631 for Corporate and Non-Operating, for the nine months ended June 30, 2026 and 2025, respectively.
† Strategic initiatives and other items includes charges for exit and disposal activities (including severance and other employee termination benefits) totaling expenses of $6,722 and $2,438 for the three months ended June 30, 2026 and 2025, respectively, and expenses of $9,027 and $1,133 for the nine months ended June 30, 2026 and 2025, respectively.

Matthews International Reports Results for Fiscal 2026 Third Quarter
Page 10 of 11
August 6, 2026
ADJUSTED NET INCOME AND EPS RECONCILIATION (Unaudited)
(In thousands, except per share data)
Three Months Ended
June 30,		Nine Months Ended
June 30,
2026202520262025
per shareper shareper shareper share
Net (loss) income attributable to Matthews$(23,689)$(0.75)$15,387 $0.49 $(1,894)$(0.06)$2,999 $0.10 
Acquisition and divestiture costs (1)
2,998 0.09 (6,901)(0.22)3,954 0.13 5,807 0.19 
Strategic initiatives and other charges (2)
12,888 0.41 10,615 0.33 30,402 0.97 14,516 0.45 
Gain on divestitures, net(234)(0.01)(14,155)(0.45)(68,685)(2.19)(14,155)(0.45)
Highly inflationary accounting losses (primarily non-cash) (3)
— — 325 0.01 16 — 1,036 0.03 
Non-service pension and postretirement expense (4)
28 — 106 — 113 — 305 0.01 
Amortization1,877 0.06 2,605 0.08 6,107 0.19 12,271 0.39 
Loss on debt extinguishment— — — — 12,242 0.39 — — 
Propelis amortization and other unusual items (5)
8,006 0.26— — 25,256 0.81— — 
Tax related (6)
— — 1,207 0.04 — — 1,207 0.04 
Adjusted net income$1,874 $0.06 $9,189 $0.28 $7,511 $0.24 $23,986 $0.76 
Note: Adjustments to net income for non-GAAP reconciling items were calculated using an income tax rate of 10.8% and 90.2% for the three and nine months ended June 30, 2026, respectively, and 18.2% and 23.7% for the three and nine months ended June 30, 2025, respectively.
(1) Includes certain non-recurring items associated with recent acquisition and divestiture activities.
(2) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives, and costs associated with global ERP system integration efforts. Also includes litigation costs related to an ongoing dispute with Tesla, Inc. ("Tesla"), which totaled $7,772 and $5,795 for the three months ended June 30, 2026 and 2025, respectively and $18,944 and $14,419 for the nine months ended June 30, 2026 and 2025, respectively. Fiscal 2025 includes costs related to the Company's 2025 contested proxy which totaled $207 for the three months ended June 30, 2025 and $5,109 for the nine months ended June 30, 2025. Fiscal 2025 includes net gains on the sales of certain significant property and other assets of $8,655 for the nine months ended June 30, 2025. Fiscal 2025 also includes loss recoveries totaling $538 for the three months ending June 30, 2025 and $1,708 for the nine months ended June 30, 2025 which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015.
(3) Represents exchange losses associated with highly inflationary accounting related to certain Turkish subsidiaries which were recently divested.
(4) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans.
(5) Represents the Company's portion of amortization and other items incurred by Propelis.
(6) Represents tax-related items incurred in connection with assets the Company previously wrote off in Russia.






Matthews International Reports Results for Fiscal 2026 Third Quarter
Page 11 of 11
August 6, 2026
CONSTANT CURRENCY SALES AND ADJUSTED EBITDA RECONCILIATION (Unaudited)
(In thousands)

MemorializationIndustrial TechnologiesBrand SolutionsCorporate and Non-OperatingConsolidated
Reported sales for the quarter ended June 30, 2026
$208,060 $37,956 $— $— $246,016 
Changes in foreign exchange translation rates(457)(254)— — (711)
Constant currency sales for the quarter ended June 30, 2026
$207,603 $37,702 $— $— $245,305 
Reported sales for the nine months ended June 30, 2026
$627,492 $150,333 $11,573 $— $789,398 
Changes in foreign exchange translation rates(1,973)(6,232)— — (8,205)
Constant currency sales for the nine months ended June 30, 2026
$625,519 $144,101 $11,573 $— $781,193 
Reported adjusted EBITDA for the quarter ended June 30, 2026
$42,248 $(5,434)$9,700 $(11,541)$34,973 
Changes in foreign exchange translation rates(80)277 350 (121)426 
Constant currency adjusted EBITDA for the quarter ended June 30, 2026
$42,168 $(5,157)$10,050 $(11,662)$35,399 
Reported adjusted EBITDA for the nine months ended June 30, 2026
$130,028 $(13,205)$32,009 $(33,877)$114,955 
Changes in foreign exchange translation rates(248)706 50 (191)317 
Constant currency adjusted EBITDA for the nine months ended June 30, 2026
$129,780 $(12,499)$32,059 $(34,068)$115,272 


NET DEBT RECONCILIATION (Unaudited)
(Dollars in thousands)

June 30, 2026March 31, 2026December 31, 2025September 30, 2025
Long-term debt, current maturities$7,812 $7,298 $7,271 $7,230 
Long-term debt559,451 571,950 529,756 703,602 
Total debt567,263 579,248 537,027 710,832 
Less: Cash and cash equivalents(37,602)(36,088)(31,357)(32,433)
Net Debt$529,661 $543,160 $505,670 $678,399 




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www.matw.com | Nasdaq: MATW Third Quarter Fiscal 2026 Earnings Review August 7, 2026 Joseph C. Bartolacci President and Chief Executive Officer Daniel E. Stopar Chief Financial Officer and Treasurer

 

© 2026 Matthews International Corporation. All Rights Reserved. DISCLAIMER 2 Any forward-looking statements contained in this release are included pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, beliefs, intentions or strategies of the Company regarding the future, and may be identified by the use of words such as “expects,” “believes,” “intends,” “projects,” “anticipates,” “estimates,” “plans,” “seeks,” “forecasts,” “predicts,” “objective,” “targets,” “potential,” “outlook,” “may,” “will,” “could” or the negative of these terms, other comparable terminology and variations thereof. Such forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to be materially different from management's expectations, and no assurance can be given that such expectations will prove correct. Factors that could cause the Company's results to differ materially from the results discussed in such forward-looking statements principally include risks to our ability to achieve the anticipated benefits of the joint venture transaction with Peninsula Parent LLC, d.b.a. Propelis Group ("Propelis"), changes in domestic or international economic conditions, changes in foreign currency exchange rates, changes in interest rates, changes in the cost of materials used in the manufacture of the Company's products, including changes in costs due to adjustments to tariffs or supply chain disruptions, any impairment of goodwill or intangible assets, environmental liability and limitations on the Company’s operations due to environmental laws and regulations, disruptions to certain services, such as telecommunications, network server maintenance, cloud computing or transaction processing services, provided to the Company by third-parties, changes in mortality and cremation rates, changes in product demand or pricing as a result of consolidation in the industries in which the Company operates, or other factors such as labor shortages or labor cost increases, changes in product demand or pricing as a result of domestic or international competitive pressures, ability to achieve cost-reduction objectives, unknown risks in connection with the Company's acquisitions, divestitures, and business combinations, cybersecurity concerns and costs arising with management of cybersecurity threats, effectiveness of the Company's internal controls, compliance with domestic and foreign laws and regulations, technological factors beyond the Company's control, impact of pandemics or similar outbreaks, or other disruptions to our industries, customers, or supply chains, the impact of global conflicts, such as the current war between Russia and Ukraine and hostilities in the Middle East, and conflicts and related sanctions or trade restrictions involving Venezuela, the Company's plans and expectations with respect to its exploration, and contemplated execution, of various strategies with respect to its portfolio of businesses, the Company's plans and expectations with respect to its Board of Directors, and other factors described in the Company’s Annual Report on Form 10-K and other periodic filings with the U.S. Securities and Exchange Commission. Included in this report are measures of financial performance that are not defined by generally accepted accounting principles in the United States (“GAAP”). The Company uses non-GAAP financial measures to assist in comparing its performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect the Company’s core operations including acquisition and divestiture costs, enterprise resource planning ("ERP") system integration costs, strategic initiative and other charges (which includes non-recurring charges related to certain commercial and operational initiatives and exit activities), stock-based compensation and the non-service portion of pension and postretirement expense. Management believes that presenting non-GAAP financial measures is useful to investors because it (i) provides investors with meaningful supplemental information regarding financial performance by excluding certain items that management believes do not directly reflect the Company’s core operations, (ii) permits investors to view performance using the same tools that management uses to budget, forecast, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provides supplemental information that may be useful to investors in evaluating the Company’s results. The Company believes that the presentation of these non-GAAP financial measures, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provided herein, provides investors with an additional understanding of the factors and trends affecting the Company’s business that could not be obtained absent these disclosures. The Company believes that adjusted EBITDA provides relevant and useful information, which is used by the Company’s management in assessing the performance of its business. Adjusted EBITDA is defined by the Company as earnings before interest, income taxes, depreciation, amortization and certain non-cash and/or non-recurring items that do not contribute directly to management’s evaluation of its operating results. These items include stock-based compensation, the non-service portion of pension and postretirement expense, acquisition and divestiture costs, ERP system integration costs, and strategic initiatives and other charges. Adjusted EBITDA provides the Company with an understanding of earnings before the impact of investing and financing charges and income taxes, and the effects of certain acquisition and divestiture and ERP system integration costs, and items that do not reflect the ordinary earnings of the Company’s operations. This measure may be useful to an investor in evaluating operating performance. It is also useful as a financial measure for lenders and is used by the Company’s management to measure business performance. Adjusted EBITDA is not a measure of the Company's financial performance under GAAP and should not be considered as an alternative to net income or other performance measures derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of the Company's liquidity. The Company's definition of adjusted EBITDA may not be comparable to similarly titled measures used by other companies. The Company has presented constant currency sales and constant currency adjusted EBITDA and believes these measures provide relevant and useful information, which is used by the Company's management in assessing the performance of its business on a consistent basis by removing the impact of changes due to foreign exchange translation rates. These measures allow management, as well as investors, to assess the Company’s sales and adjusted EBITDA on a constant currency basis. The Company has also presented adjusted net income and adjusted earnings per share and believes each measure provides relevant and useful information, which is widely used by analysts and investors, as well as by the Company’s management in assessing the performance of its business. Adjusted net income and adjusted earnings per share provides the Company with an understanding of the results from the primary operations of our business by excluding the effects of certain acquisition, divestiture, and system-integration costs, and items that do not reflect the ordinary earnings of our operations. These measures provide management with insight into the earning value for shareholders excluding certain costs, not related to the Company’s primary operations. Likewise, these measures may be useful to an investor in evaluating the underlying operating performance of the Company’s business overall, as well as performance trends, on a consistent basis. Lastly, the Company has presented net debt and believes this measure provides relevant and useful information, which is widely used by analysts and investors as well as by our management. This measure provides management with insight on the indebtedness of the Company, net of cash and cash equivalents. This measure allows management, as well as analysts and investors, to assess the Company’s leverage.

 

BUSINESS OVERVIEW

 

© 2026 Matthews International Corporation. All Rights Reserved. 4 BRAND SOLUTIONS MEMORIALIZATION • Benefits from acquisition of The Dodge Company, including realization of targeted cost synergies • Sales volumes of caskets and cemetery memorials decline due to lower estimated U.S. casketed deaths • Escalating input costs, including tariffs, continue to be a headwind • Divestiture of SGK Business completed in May 2025 • Divestiture of the European roto-gravure packaging business completed in December 2025 • $25 million redemption of preferred investment in Propelis in the quarter ($28 million year-to-date) • Propelis' synergy targets remain on track BUSINESS UPDATE INDUSTRIAL TECHNOLOGIES • Divestiture of Warehouse Automation business and European tooling business in December 2025 • Engineering business remains challenged by the impact of customer delays • Restructuring program initiated that will yield $10 million of annual cost savings

 

© 2026 Matthews International Corporation. All Rights Reserved. Key Drivers • Revised adjusted EBITDA guidance to be in the range of $158 million to $162 million (including our estimated 40% share of Propelis and income from preferred equity investment in Propelis) • Conditions for engineering business remain challenging due to the ongoing litigation with Tesla and new coating and converting customer wins have not significantly contributed yet • Initiated restructuring program in European engineering business that will yield $10 million in annual cost savings • Memorialization expected to continue delivering modest year to year sales growth but continues to face input cost headwinds beyond inflationary price increases • Propelis synergy timing has not been achieved • Strategic alternative review process continues with a focus on developing strategic partnerships within the Industrial Technologies businesses OUTLOOK FOR FISCAL 2026 5

 

FINANCIAL OVERVIEW

 

© 2026 Matthews International Corporation. All Rights Reserved. Q3 2026 SUMMARY 7 Q3 2025 Q3 2026 Sales $ 349.4 $ 246.0 Diluted Earnings (Loss) Per Share $ 0.49 $ (0.75) Non-GAAP Adjusted EPS* $ 0.28 $ 0.06 Net Income (Loss) Attributable to Matthews $ 15.4 $ (23.7) Adjusted EBITDA* $ 44.6 $ 35.0 ($ in millions except per-share amounts) Q3 YTD YTD 2025 YTD 2026 Sales $ 1,178.8 $ 789.4 Diluted Earnings (Loss) Per Share $ 0.10 $ (0.06) Non-GAAP Adjusted EPS* $ 0.76 $ 0.24 Net Income (Loss) Attributable to Matthews $ 3.0 $ (1.9) Adjusted EBITDA* $ 136.0 $ 115.0 3rd Quarter ("Q3") Highlights Sales • Acquisition of The Dodge Company • Lower Engineering sales • Higher Product Identification sales • Divestitures of SGK (May 2025), Warehouse Automation (December 2025), and European rotogravure packaging and tooling (December 2025) GAAP EPS • Lower operating results • Net gain on divestitures, primarily SGK (May 2025) • Restructuring costs in the Industrial Technologies segment • Equity-method losses on investment in Propelis Adjusted EBITDA • Divestitures of Warehouse Automation (December 2025), and European rotogravure packaging and tooling (December 2025) • Decrease in the Industrial Technologies segment • Increase in the Brand Solutions' segment due to equity- method interest in Propelis • Lower corporate and other non-operating cost Adjusted EPS • Lower operating results * See supplemental slides for Adjusted EPS and Adjusted EBITDA reconciliations and other important disclaimers regarding Matthews’ use of Non-GAAP measures

 

© 2026 Matthews International Corporation. All Rights Reserved. MEMORIALIZATION 8 23.0% 21.1% $203.7 $208.1 Q3 FY2025 Q3 FY2026 $599.8 $627.5 FY2025 FY2026 $42.8 $42.2 Q3 FY2025 Q3 FY2026 $124.5 $130.0 FY2025 FY2026 21.0% 20.3% 20.7% 20.7% ($ in millions) Q3 Sales Q3 Adjusted EBITDA & Margin* YTD Sales YTD Adjusted EBITDA & Margin* Sales • Acquisition of The Dodge Company • Lower unit sales of caskets and cemetery memorials due to a decline in death rates • Lower sales of cremation equipment and mausoleums • Price realization to mitigate cost increases Adjusted EBITDA • Acquisition of The Dodge Company • Cost-savings initiatives and price realization to mitigate cost increases • Lower volume and higher material, labor, and other production costs * See supplemental slide for Adjusted EBITDA reconciliation and other important disclaimers regarding Matthews’ use of Non-GAAP measures

 

© 2026 Matthews International Corporation. All Rights Reserved. INDUSTRIAL TECHNOLOGIES 9 15.5% 12.4% 15.6%10.3% ($ in millions) $87.9 $38.0 Q3 FY2025 Q3 FY2026 $249.3 $150.3 FY2025 FY2026 $9.0 $(5.4) Q3 FY2025 Q3 FY2026 $16.9 $(13.2) FY2025 FY2026 10.3% (14.3)% 6.8% (8.8)% Q3 Sales Q3 Adjusted EBITDA & Margin* YTD Sales YTD Adjusted EBITDA & Margin* Sales • Lower Engineering sales • Higher Product Identification sales • Divestitures of Warehouse Automation and European tooling businesses (December 2025) • Favorable currency impacts of $6.2 million YTD Adjusted EBITDA • Divestitures of Warehouse Automation and European tooling businesses (December 2025) • Lower Engineering sales and margins • Benefits from cost-reduction initiatives * See supplemental slide for Adjusted EBITDA reconciliation and other important disclaimers regarding Matthews’ use of Non-GAAP measures

 

© 2026 Matthews International Corporation. All Rights Reserved. BRAND SOLUTIONS ($ in millions) 10 15.4% 12.9% $57.7 $— Q3 FY2025 Q3 FY2026 $329.7 $11.6 FY2025 FY2026 $5.0 $9.7 Q3 FY2025 Q3 FY2026 $32.9 $32.0 FY2025 FY2026 Q3 Sales Q3 Adjusted EBITDA* YTD Sales YTD Adjusted EBITDA* Sales • Divestitures of SGK (May 2025) and European rotogravure packaging (December 2025) Adjusted EBITDA • Divestitures of SGK (May 2025) and European rotogravure packaging (December 2025) • Company's equity-method interest in Propelis' adjusted EBITDA • Prior year represents results from the SGK business for the month of April 2025 * See supplemental slide for Adjusted EBITDA reconciliation and other important disclaimers regarding Matthews’ use of Non-GAAP measures

 

© 2026 Matthews International Corporation. All Rights Reserved. • YTD cash flows reflected costs related to divestitures, litigation costs, ongoing Tesla dispute, and restructuring actions • Outstanding debt reduced utilizing proceeds from divestitures and the redemption of preferred share ownership of Propelis • Quarterly dividend of $0.255/share, payable 8/24/2026 CAPITALIZATION AND CASH FLOWS 11 Note: Dark gray shades on the left represent Total Debt. Total Debt and Net Debt* $710.8 $567.3 $678.4 $529.7 09/30/25 06/30/26 ($ in millions) Cash $32.4 $37.6 9/30/25 06/30/26 Operating Cash Flow $(33.9) $(69.5) YTD FY2025 YTD FY2026 * See supplemental slide for Net Debt reconciliation and other important disclaimers regarding Matthews’ use of Non-GAAP measures

 

SUPPLEMENTAL INFORMATION

 

© 2026 Matthews International Corporation. All Rights Reserved. 13 Included in this report are measures of financial performance that are not defined by GAAP, including, without limitation, adjusted EBITDA, adjusted net income and EPS, constant currency sales, and constant currency adjusted EBITDA, and net debt. The Company uses non-GAAP financial measures to assist in comparing its performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect the Company’s core operations including acquisition and divestiture costs, ERP system integration costs, strategic initiative and other charges (which includes non-recurring charges related to certain commercial and operational initiatives and exit activities), stock-based compensation and the non-service portion of pension and postretirement expense. Constant currency sales and constant currency adjusted EBITDA removes the impact of changes due to foreign exchange translation rates. To calculate sales and adjusted EBITDA on a constant currency basis, amounts for periods in the current fiscal year are translated into U.S. dollars using exchange rates applicable to the comparable periods of the prior fiscal year. Management believes that presenting non-GAAP financial measures is useful to investors because it (i) provides investors with meaningful supplemental information regarding financial performance by excluding certain items that management believes do not directly reflect the Company's core operations, (ii) permits investors to view performance using the same tools that management uses to budget, forecast, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provides supplemental information that may be useful to investors in evaluating the Company’s results. The Company's calculations of its non-GAAP financial measures, however, may not be comparable to similarly titled measures reported by other companies. The Company believes that the presentation of these non-GAAP financial measures, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provided herein, provide investors with an additional understanding of the factors and trends affecting the Company’s business that could not be obtained absent these disclosures. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

 

© 2026 Matthews International Corporation. All Rights Reserved. * See Disclaimer (page 2) for Management’s assessment of supplemental information related to adjusted EBITDA. 14 Three Months Ended June 30, Nine Months Ended June 30, 2026 2025 2026 2025 Net (loss) income $ (23,689) $ 15,387 $ (1,894) $ 2,999 Income tax provision 46 43,477 34,618 38,391 (Loss) income before income taxes $ (23,643) $ 58,864 $ 32,724 $ 41,390 Propelis depreciation, amortization, interest and other items (1) 15,634 — 49,613 — Interest expense, including RPA and factoring financing fees (2) 10,800 16,804 36,525 50,668 Loss on debt extinguishment — — 16,343 — Depreciation and amortization * 11,654 15,836 35,858 56,571 Acquisition and divestiture related items (3)** 337 (9,473) 1,649 4,805 Strategic initiatives and other items (4)**† 15,333 10,315 36,977 16,303 Gain on divestitures, net (234) (57,103) (109,498) (55,031) Highly inflationary accounting losses (primarily non-cash) (5) — 325 16 1,036 Stock-based compensation 5,054 8,841 14,597 19,838 Non-service pension and postretirement expense (6) 38 141 151 407 Total Adjusted EBITDA $ 34,973 $ 44,550 $ 114,955 $ 135,987 Adjusted EBITDA margin 14.2 % 12.8 % 14.6 % 11.5 % (1) Represents the Company's portion of depreciation, intangible amortization, interest expense, and other items incurred by Propelis. (2) Includes fees for receivables sold under the RPA and factoring arrangements totaling $380 and $974 for the three months ended June 30, 2026 and 2025, respectively and $1,430 and $3,291 for the nine months ended June 30, 2026 and 2025, respectively. (3) Includes certain non-recurring items associated with recent acquisition and divestiture activities. (4) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives, and costs associated with global ERP system integration efforts. Also includes litigation costs related to an ongoing dispute with Tesla, Inc. ("Tesla"), which totaled $7,772 and $5,795 for the three months ended June 30, 2026 and 2025, respectively and $18,944 and $14,419 for the nine months ended June 30, 2026 and 2025, respectively. Fiscal 2025 includes costs related to the Company's 2025 contested proxy which totaled $207 for the three months ended June 30, 2025 and $5,109 for the nine months ended June 30, 2025. Fiscal 2025 includes net gains on the sales of certain significant property and other assets of $8,655 for the nine months ended June 30, 2025. Fiscal 2025 also includes loss recoveries totaling $538 for the three months ended June 30, 2025 and $1,708 for the nine months ended June 30, 2025 which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015. (5) Represents exchange losses associated with highly inflationary accounting related to certain Turkish subsidiaries which were recently divested. (6) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non- recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans. * Depreciation and amortization was $7,985 and $7,394 for the Memorialization segment, $3,105 and $5,489 for the Industrial Technologies segment, and $564 and $596 for Corporate and Non-Operating, for the three months ended June 30, 2026 and 2025, respectively. Depreciation and amortization was $24,173 and $21,766 for the Memorialization segment, $9,549 and $16,807 for the Industrial Technologies segment, $609 and $15,935 for the Brand Solutions segment, and $1,527 and $2,063 for Corporate and Non-Operating, for the nine months ended June 30, 2026 and 2025, respectively. Depreciation and amortization was $2,357 for the Brand Solutions segment for the three months ended June 30, 2026. ** Acquisition costs, ERP system integration costs, and strategic initiatives and other charges were $1 and $552 for the Memorialization segment, $13,239 and $9,079 for the Industrial Technologies segment, $126 and $1,692 for the Brand Solutions segment, and $2,304 and income of $10,481 for Corporate and Non-Operating, for the three months ended June 30, 2026 and 2025, respectively. Acquisition costs, ERP system integration costs, and strategic initiatives and other charges were $450 and $4,265 for the Memorialization segment, $26,331 and $13,390 for the Industrial Technologies segment, $3,621 and $2,822 for the Brand Solutions segment, and $8,224 and $631 for Corporate and Non-Operating, for the nine months ended June 30, 2026 and 2025, respectively. † Strategic initiatives and other items includes charges for exit and disposal activities (including severance and other employee termination benefits) totaling expenses of $6,722 and $2,438 for the three months ended June 30, 2026 and 2025, respectively, and expenses of $9,027 and $1,133 for the nine months ended June 30, 2026 and 2025, respectively. ADJUSTED EBITDA NON-GAAP RECONCILIATION (Unaudited) (In thousands)

 

© 2026 Matthews International Corporation. All Rights Reserved. ADJUSTED NET INCOME AND EARNINGS PER SHARE NON-GAAP RECONCILIATION (Unaudited) (In thousands, except per share data) * See Disclaimer (page 2) for Management’s assessment of supplemental information related to adjusted net income and adjusted EPS. 15 Three Months Ended June 30, Nine Months Ended June 30, 2026 2025 2026 2025 per share per share per share per share Net (loss) income attributable to Matthews $ (23,689) $ (0.75) $ 15,387 $ 0.49 $ (1,894) $ (0.06) $ 2,999 $ 0.10 Acquisition and divestiture costs (1) 2,998 0.09 (6,901) (0.22) 3,954 0.13 5,807 0.19 Strategic initiatives and other charges (2) 12,888 0.41 10,615 0.33 30,402 0.97 14,516 0.45 Gain on divestitures, net (234) (0.01) (14,155) (0.45) (68,685) (2.19) (14,155) (0.45) Highly inflationary accounting losses (primarily non-cash) (3) — — 325 0.01 16 — 1,036 0.03 Non-service pension and postretirement expense (4) 28 — 106 — 113 — 305 0.01 Amortization 1,877 0.06 2,605 0.08 6,107 0.19 12,271 0.39 Loss on debt extinguishment — 0 — — 12,242 0.39 — — Propelis amortization and other unusual items (5) 8,006 0.26 — — 25,256 0.81 — — Tax-related (6) — — 1,207 0.04 — — 1,207 0.04 Adjusted net income $ 1,874 $ 0.06 $ 9,189 $ 0.28 $ 7,511 $ 0.24 $ 23,986 $ 0.76 Note: Adjustments to net income for non-GAAP reconciling items were calculated using an income tax rate of 10.8% and 90.2% for the three and nine months ended June 30, 2026, respectively, and 18.2% and 23.7% for the three and nine months ended June 30, 2025, respectively. (1) Includes certain non-recurring items associated with recent acquisition and divestiture activities. (2) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives, and costs associated with global ERP system integration efforts. Also includes litigation costs related to an ongoing dispute with Tesla, Inc. ("Tesla"), which totaled $7,772 and $5,795 for the three months ended June 30, 2026 and 2025, respectively and $18,944 and $14,419 for the nine months ended June 30, 2026 and 2025, respectively. Fiscal 2025 includes costs related to the Company's 2025 contested proxy which totaled $207 for the three months ended June 30, 2025 and $5,109 for the nine months ended June 30, 2025. Fiscal 2025 includes net gains on the sales of certain significant property and other assets of $8,655 for the nine months ended June 30, 2025. Fiscal 2025 also includes loss recoveries totaling $538 for the three months ending June 30, 2025 and $1,708 for the nine months ended June 30, 2025 which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015. (3) Represents exchange losses associated with highly inflationary accounting related to certain Turkish subsidiaries which were recently divested. (4) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans. (5) Represents the Company's portion of amortization and other items incurred by Propelis. (6) Represents tax-related items incurred in connection with assets the Company previously wrote off in Russia.

 

© 2026 Matthews International Corporation. All Rights Reserved. * See Disclaimer (page 2) for Management’s assessment of supplemental information related to constant currency sales and constant currency adjusted EBITDA. 16 CONSTANT CURRENCY SALES AND ADJUSTED EBITDA NON-GAAP RECONCILIATION (Unaudited) (In thousands) Memorialization Industrial Technologies Brand Solutions Corporate and Non- Operating Consolidated Reported sales for the quarter ended June 30, 2026 $ 208,060 $ 37,956 $ — $ — $ 246,016 Changes in foreign exchange translation rates (457) (254) — — (711) Constant currency sales for the quarter ended June 30, 2026 $ 207,603 $ 37,702 $ — $ — $ 245,305 Reported sales for the nine months ended June 30, 2026 $ 627,492 $ 150,333 $ 11,573 $ — $ 789,398 Changes in foreign exchange translation rates (1,973) (6,232) — — (8,205) Constant currency sales for the nine months ended June 30, 2026 $ 625,519 $ 144,101 $ 11,573 $ — $ 781,193 Reported adjusted EBITDA for the quarter ended June 30, 2026 $ 42,248 $ (5,434) $ 9,700 $ (11,541) $ 34,973 Changes in foreign exchange translation rates (80) 277 350 (121) 426 Constant currency adjusted EBITDA for the quarter ended June 30, 2026 $ 42,168 $ (5,157) $ 10,050 $ (11,662) $ 35,399 Reported adjusted EBITDA for the nine months ended June 30, 2026 $ 130,028 $ (13,205) $ 32,009 $ (33,877) $ 114,955 Changes in foreign exchange translation rates (248) 706 50 (191) 317 Constant currency adjusted EBITDA for the nine months ended June 30, 2026 $ 129,780 $ (12,499) $ 32,059 $ (34,068) $ 115,272

 

© 2026 Matthews International Corporation. All Rights Reserved. * See Disclaimer (page 2) for Management’s assessment of supplemental information related to net debt. 17 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Long-term debt, current maturities $ 7,812 $ 7,298 $ 7,271 $ 7,230 Long-term debt 559,451 571,950 529,756 703,602 Total debt 567,263 579,248 537,027 710,832 Less: Cash and cash equivalents (37,602) (36,088) (31,357) (32,433) Net Debt $ 529,661 $ 543,160 $ 505,670 $ 678,399 NET DEBT NON-GAAP RECONCILIATION (Unaudited) (Dollars in thousands)

 

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