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Mativ Third Quarter 2026 Earnings Release Presentation November 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 2023 unless noted otherwise; all per share metrics are on a diluted basis.
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3 ($ millions, except EPS) Q3 FY26 Q3 FY25 Sales $499.5 $513.7 Organic Sales $499.5 $511.2 Organic % versus: (2.3)% Gross Profit $97.7 $99.4 GAAP Net Income (Loss) $(1.2) $(3.2) GAAP EPS $(0.03) $(0.06) Adjusted EPS $0.31 $0.39 Adjusted EBITDA $62.3 $66.8 % versus: (6.7)% % Margin 12.5% 13.0% • Sales decreased 2.3% year-over-year on an organic basis and 2.8% as reported, primarily due to the impact of the previously disclosed July tornado • Adjusted EBITDA was $62.3 million, down 7% versus the prior-year period • Year-to-date profitability and cash flow remained ahead of prior year: • Gross profit increased 7% to $295.9 million • Cash provided by operating activities increased 3% to $117.4 million • Free cash flow increased 5% to $90.5 million 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 November 4, 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. Q3 Consolidated Results
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$66.8 $(8.1) $9.5 $(5.9) $62.3 Q3 FY25 Volume/Mix Price/Cost Mfg. Costs & Other Q3 FY26 $513.7 $(30.5) $19.0 $(2.7) $499.5 Q3 FY25 Volume/Mix Price Currency Q3 FY26 4 Q3 Consolidated Results Variances Net Sales Adj. EBITDA Note: Financials are as reported; Adjusted EBITDA is a non-GAAP measure and reconciled in the appendix of this presentation. Please refer to reconciliations at the end of this presentation and in the 8-K and earnings release dated November 4, 2026 for additional details. Q3 FY25 Q3 FY26CurrencyPriceVolume/Mix Q3 FY25 Q3 FY26Mfg. Costs & Other Price/CostVolume/Mix
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5 • FAM sales increased more than 10% as reported and more than 11% organically, driven by higher volume/mix and selling prices • FAM Adjusted EBITDA increased more than 20% and margin expanded 150 basis points, reflecting higher volume/mix and favorable price versus cost performance, partially offset by higher manufacturing costs • SAS sales decreased more than 10%, primarily due to lower volume/mix from the tornado’s impact on our business and ongoing destocking in Healthcare, and unfavorable currency, partially offset by higher selling prices • SAS Adjusted EBITDA decreased nearly 25% as lower volume/mix and higher distribution expense were partially offset by favorable price versus cost performance ($ millions) Q3 FY26 Q3 FY25 Sales $218.5 $198.3 Organic Sales $218.5 $195.8 % versus: +11.6% Gross Profit $51.5 $42.5 Adj. EBITDA $39.6 $32.9 % versus: +20.4% % Margin 18.1% 16.6% Sales $281.0 $315.4 % versus: (10.9)% Gross Profit $46.2 $56.9 Adj. EBITDA $32.6 $43.3 % versus: (24.7)% % Margin 11.6% 13.7% Unallocated GAAP Op. Expense $(14.2) $(14.8) Unallocated Adj. EBITDA $(9.9) $(9.4) Q3 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 November 4, 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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Appendix
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7 Non-GAAP Reconciliation: Segment Reporting
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8 Non-GAAP Reconciliation: Segment Reporting (cont.)
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9 Non-GAAP Reconciliation: Consolidated Reported Results