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mativ Mativ Second Quarter 2026 Earnings Release Presentation August 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, 2025, 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 and exclude the Company's divested Engineers Papers business, which was divested in November 2023unless noted otherwise; all per share metrics are on a diluted basis.
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3 ($ millions, except EPS) Q2 FY26 Q2 FY25 Sales $531.8 $525.4 Organic Sales $531.8 $523.0 Organic % versus: 2% Gross Profit $113.3 $103.7 GAAP Net Income (Loss) $3.6 $(9.5) GAAP EPS $0.06 $(0.18) Adjusted EPS $0.50 $0.33 Adjusted EBITDA $75.0 $67.2 % versus: +12% % Margin 14.1% 12.8% • Sales were up almost 2% year-over-year on an organic basis and up 1% as reported, driven by favorable selling prices and currency partially offset by lower volume-mix • GAAP Net Income was $3.6 million, GAAP EPS was $0.06 • Strongest adjusted EBITDA and margin performance since the mid-2022 merger: • Adjusted EBITDA was up 12% versus prior year, driven by a favorable price to cost ratio partially offset by higher manufacturing and distribution expenses and unfavorable volume-mix • Adjusted EBITDA margin of 14.1%, up 130 basis points versus prior year • Robust cash flow performance: • Cash from operating activities was $67.9 million, up 18% versus prior year period • Free cash flow was $60.4 million, up 24% versus prior year period Note: Adjusted EBITDA, Adjusted EBITDA margin, 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 August 5, 2026 for additional details. Any comparisons we make to prior periods, including references to our performance since Mativ's formation, are on a continuing operations basis, excluding the divested Engineered Papers business. Q2 Consolidated Results
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$525.4 $(12.0) $15.7 $2.7 $531.8 Q1 FY25 Volume/Mix Price Currency Q1 FY26 $67.2 $(2.8) $18.6 $(8.0) $75.0 Q1 FY25 Volume/Mix Price/Cost Mfg. Costs & Other Q1 FY26 4 Q2 Consolidated Results Variances Net Sales Adj. EBITDA Note: Financials are as reported; Adjusted EBITDA is a non-GAAP measure and reconciled in the appendix of this presentation. Please refer to reconciliations at the end of this presentation and in the 8-K and earnings release dated August 5, 2026 for additional details. Q2 FY25 Q2 FY26CurrencyPriceVolume/Mix Q2 FY25 Q2 FY26Mfg. Costs & Other Price/CostVolume/Mix
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5 • FAM Sales were largely flat yoy, reflecting lower volume/mix in our Filtration & Netting business, including the impact from an exited facility, partially offset by higher selling prices and favorable currency • FAM Adjusted EBITDA and margin increased 1% and 50 basis points, respectively, as proactive pricing actions and lower SG&A expenses offset higher manufacturing costs and lower volume/mix • SAS Sales were up 3%, as higher selling prices and favorable currency were partially offset by lower volume/mix due to strong growth in our Tapes, Labels & Liners business offset by lower volume/mix across other categories • SAS Adjusted EBITDA and margin increased 19% and 210 basis points, respectively, as proactive pricing actions offset general cost increases including higher manufacturing and distribution costs and SG&A expenses ($ millions) Q2 FY26 Q2 FY25 Sales $201.7 $204.4 Organic Sales $201.7 $202.0 % versus: (0)% Gross Profit $47.6 $48.9 Adj. EBITDA $35.4 $34.9 % versus: +1% % Margin 17.6% 17.1% Sales $330.1 $321.0 % versus: +3% Gross Profit $65.7 $54.8 Adj. EBITDA $50.5 $42.5 % versus: +19% % Margin 15.3% 13.2% Unallocated GAAP Op. Expense $(15.5) $(17.4) Unallocated Adj. EBITDA $(10.9) $(10.2) Q2 Segment Results FAMSAS Note: Adjusted EBITDA, Adjusted EBITDA margin, 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 August 5, 2026 for additional details. Any comparisons we make to prior periods, including references to our performance since Mativ's formation, are on a continuing operations basis, excluding the divested Engineered Papers business.
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6 Strategic Blueprint – Our Technology Platforms Example Applications Engineered Films Performance Tapes Release Liners Advanced Wound Care Medical Device Attachment Example Applications Water Filtration Advanced Films HVAC Erosion Control Example Applications Climate Control Transportation Filtration Consumer Wellness Paper & Packaging
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Appendix
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8 Non-GAAP Reconciliation: Segment Reporting
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9 Non-GAAP Reconciliation: Segment Reporting (cont.)
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10 Non-GAAP Reconciliation: Consolidated Reported Results