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Mativ Fourth Quarter and Full Year 2025 Earnings Release Presentation February 2026
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Forward Looking Statements, Non-GAAP Disclosure, & Definitions 2 This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws that are subject to the safe harbor created by such laws and other legal protections. Caution should be taken not to place undue reliance on any such forward-looking statements because actual results may differ materially from the results suggested by these statements. These forward-looking statements are made only as of the date of this presentation. We undertake no obligation, except as may be required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and present expectations or projections. These risks and uncertainties include, but are not limited to, those described in Part I, “Item 1A. Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2024, and those described from time to time in our periodic and other reports filed with the Securities and Exchange Commission. Certain financial measures and comments contained in this presentation are “non-GAAP” financial measures. We believe that investors’ understanding is enhanced by disclosing these non-GAAP financial measures as a reasonable basis for comparison of our ongoing results of operations. All non-GAAP (adjusted) figures are reconciled to closest GAAP measure in the appendix. All financial metrics are presented on a continuing operations basis unless noted otherwise; all per share metrics are on a diluted basis.
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3 Driving Enhanced Commercial Excellence • Leveraged unified sales force and go-to-market best practices across both segments • Materially expanded sales pipeline • Leveraged full Mativ portfolio for cross-selling • Share growth and value increases with new and existing customers • Successful pricing execution to ensure coverage of raw material inflation 2025 Key Priorities / Accomplishments Optimizing Our Portfolio • Comprehensive portfolio review of assets, product categories, facilities and support functions • Ensure strategically balanced contribution of business lines • Harmonizing go-to-market strategies with respective market and demand dynamics • Inform critical innovation, selling and production requirements • Ensure appropriate capital commitment to highest margin and growth opportunities Strengthening Our Balance Sheet • Achieved nearly $20 million of cost savings • Lowered capital expenditures by $15 million • Reduced inventory levels by 26 million • Generated record free cash flow of $93 million • Paid down $61 million of net debt • Lowered net leverage to 4.2x
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4 • Sales were up nearly 2% organically year-over-year, driven by favorable currency and higher selling prices, partially offset by lower volume and mix • GAAP net income was $100.8 million, GAAP EPS was $1.80 • Adjusted EBITDA was up 19% versus prior year, as favorable price versus input cost performance, lower manufacturing costs and lower SG&A expenses were partially offset by unfavorable volume and mix and higher distribution costs • Adjusted EBITDA margin was 11.6%, up 180 basis points versus prior year • Expect Q1 adjusted EBITDA to increase at least 15-20% year-over-year Note: Adjusted EBITDA, Adjusted EPS, and organic sales growth are non-GAAP measures and reconciled in the appendix of this presentation. Please refer to reconciliations at the end of this presentation and in the 8-K and earnings release dated February 18, 2026 for additional details. ($ millions, except EPS) Q4 FY25 Q4 FY24 Sales $463.1 $458.6 Organic Sales $463.1 $454.5 Organic % versus: +2% GAAP EPS $1.80 $0.03 Adjusted EPS $0.15 $0.05 Operating Profit (Loss) $10.1 $2.6 GAAP Net Income (Loss) $100.8 $1.5 Adjusted EBITDA $53.5 $44.8 % versus: +19% % Margin 11.6% 9.8% Q4 Consolidated Results
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5 • Sales were up over 2% organically year-over-year, driven by favorable currency and higher selling prices, partially offset by lower volume and mix • Adjusted EBITDA was up 3% versus prior year, as favorable price versus input cost performance and lower SG&A expenses were partially offset by higher manufacturing and distribution costs and unfavorable volume and mix • Adjusted EBITDA margin was 11.3%, up 30 basis points versus prior year • Cash from operating activities of $133.8 million, up 41% versus prior year • Record full-year free cash flow of $93.8 million, up 139% versus prior year Note: Adjusted EBITDA, Adjusted EPS, and organic sales growth are non-GAAP measures and reconciled in the appendix of this presentation. Please refer to reconciliations at the end of this presentation and in the 8-K and earnings release dated February 18, 2026 for additional details. ($ millions, except EPS) FY25 FY24 Sales $1,987.0 $1,981.1 Organic Sales $1,987.0 $1,938.8 Organic % versus: +2% GAAP EPS $(6.19) $(0.90) Adjusted EPS $0.70 $0.62 Operating Profit (Loss) $(384.4) $6.3 GAAP Net Income (Loss) $(337.4) $(48.7) Adjusted EBITDA $224.7 $218.0 % versus: +3% % Margin 11.3% 11.0% FY25 Consolidated Results
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6 Q4 Consolidated Results Variances Net Sales Adj. EBITDA Note: Financials are as reported; Adjusted EBITDA is a non-GAAP measure and reconciled in the appendix of this presentation. Please refer to reconciliations at the end of this presentation and in the 8-K and earnings release dated February 18, 2026 for additional details. Q4 FY24 Q4 FY25 CurrencyPriceVolume/Mix Q4 FY24 Q4 FY25 Mfg. Costs & Other Price/CostVolume/Mix
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7 • FAM Sales were up more than 5%, reflecting higher volume and mix, and favorable currency translation partially offset by lower selling prices • FAM Adjusted EBITDA and margin increased 26% and 300 basis points, respectively, as favorable net selling price versus input cost performance, higher volume and mix, and lower SG&A expenses were partially offset by higher manufacturing costs • SAS Sales were down slightly on organic basis as favorable currency translation and higher selling prices were more than offset by lower volume and mix • SAS Adjusted EBITDA and margin increased more than 8% and 130 basis points, respectively, as lower manufacturing costs and favorable net selling price versus input cost performance were partially offset by lower volume and mix, and higher distribution costs ($ millions) Q4 FY25 Q4 FY24 Sales $177.2 $167.8 % versus: +5% GAAP Operating Profit $16.2 $10.3 Adj. EBITDA 33.2 26.3 % versus: +26% % Margin 18.7% 15.7% Sales $285.9 $290.8 Organic Sales $285.9 $286.7 % versus: -0% GAAP Operating Profit $19.4 $15.3 Adj. EBITDA 38.9 35.8 % versus: +9% % Margin 13.6% 12.3% Unallocated GAAP Op. Expense $(25.5) $(23.0) Unallocated Adj. EBITDA $(18.6) $(17.3) Q4 Segment Results FA M SA S Note: Adjusted EBITDA, Adjusted EPS, and organic sales growth are non-GAAP measures and reconciled in the appendix of this presentation. Please refer to reconciliations at the end of this presentation and in the 8-K and earnings release dated February 18, 2026 for additional details.
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8 • FAM Sales were up slightly, reflecting higher volume and mix and favorable currency translation partially offset by lower selling prices • FAM Adjusted EBITDA decreased 3%, as higher manufacturing and distribution costs and unfavorable net selling price versus input cost performance were partially offset by higher volume and mix, and lower SG&A expenses • SAS Sales were up 4% on organic basis as favorable currency translation and higher selling prices were partially offset by lower volume and mix • SAS Adjusted EBITDA and margin increased 7% and 80 basis points, respectively, as favorable net selling price versus input cost performance, lower manufacturing costs and lower SG&A expenses were partially offset by lower volume and mix and higher distribution costs ($ millions) FY25 FY24 Sales $767.5 $766.5 % versus: +0% GAAP Operating Profit $(359.8) $70.0 Adj. EBITDA 134.0 138.3 % versus: -3% % Margin 17.5% 18.0% Sales $1,219.5 $1,214.6 Organic Sales $1,219.5 $1,172.3 % versus: +4% GAAP Operating Profit $85.6 $45.4 Adj. EBITDA 165.8 155.3 % versus: +7% %Margin 13.6% 12.8% Unallocated GAAP Op. Expense $(110.2) $(109.1) Unallocated Adj. EBITDA $(75.1) $(75.6) FY25 Segment Results FA M SA S Note: Adjusted EBITDA, Adjusted EPS, and organic sales growth are non-GAAP measures and reconciled in the appendix of this presentation. Please refer to reconciliations at the end of this presentation and in the 8-K and earnings release dated February 18, 2026 for additional details.
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Appendix
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10 Non-GAAP Reconciliation: Segment Reporting
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11 Non-GAAP Reconciliation: Segment Reporting (cont.)
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12 Non-GAAP Reconciliation: Consolidated Reported Results