Mativ Holdings, Inc.
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 6, 2026
MATV$11.70-5.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001000623-26-000049
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001000623-26-000067
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 85 previous paragraphs and 106 current paragraphs.
61 unchanged; 18 reworded; 21 added; 5 removed; 1 previous and 6 current paragraphs rearranged.
Tables are not compared: 7 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (21)
Current report
FAM segment net sales decreased primarily due to lower volume/mix driven by filtration & netting and the impact from an exited facility. This loss was partially offset by higher selling prices and favorable currency translation.
Current report
SAS segment net sales increased, reflecting higher selling prices and favorable currency translation, partially offset by lower volume/mix as strong growth in tapes, labels & liners was offset by lower volume/mix across other categories.
Current report
FAM gross profit decreased, reflecting lower volume/mix while higher proactive pricing actions offset increases in manufacturing and distribution costs.
Current report
SAS gross profit increased, reflecting favorable price vs. cost performance as proactive pricing actions offset general cost increases including higher manufacturing and distribution costs.
Current report
Interest expense of $19.3 million during the three months ended June 30, 2026 increased $0.7 million, or 3.8%, compared to the prior year period driven by higher weighted average interest rates.
Current report
Other expense was $0.5 million during the three months ended June 30, 2026, compared to the prior year period income of $1.5 million. The decrease was attributed to gains on asset disposals in the prior period.
Current report
Net Income (Loss) and Net Income (Loss) per Share
Current report
Net income during the three months ended June 30, 2026 was $3.6 million, or $0.06 per diluted share, compared with net loss of $9.5 million, or $0.18 per diluted share, during the prior-year quarter.
Current report
RESULTS OF OPERATIONS
Current report
Comparison of the Six Months Ended June 30, 2026 and 2025
Current report
Net Sales and Gross Profit
Current report
SAS segment net sales increased, reflecting higher selling prices and favorable currency translation, partially offset by lower volume/mix.
Current report
Nonmanufacturing Expenses
Current report
Restructuring and Other Impairment Expense
Current report
Interest Expense
Current report
Interest expense of $36.8 million during the six months ended June 30, 2026 increased $0.4 million, or 1.1%, compared to the prior year period.
Current report
Other Income (Expense), Net
Current report
Other income was $1.0 million during the six months ended June 30, 2026, compared to the prior year period expense of $0.3 million. The increase was driven by foreign currency in both periods, offset by gains on asset disposals in the prior period.
Current report
Income Taxes
Current report
A $6.2 million income tax expense in the six months ended June 30, 2026 resulted in an effective tax rate of (326.3)% compared with 2.7% in the prior year period. The Company’s effective tax rate was impacted by mix of earnings and certain jurisdictions with a full valuation allowance. In the prior period, a one-time valuation allowance benefit of $23.5 million offset by a valuation allowance expense of $8.5 million was recorded against certain deferred tax assets and liabilities; as well as a $411.9 million goodwill impairment not deductible for tax.
Current report
Cash used in financing activities increased $53.3 million during the six months ended June 30, 2026 compared to the prior year. The increase was attributable to payments for debt issuances costs incurred under the Amended Credit Agreement and repayments on the Revolving Facility.
Removed paragraphs (5)
Previous report
Throughout 2025, the U.S. government proposed the implementation of, or did implement, a number of tariffs on imports to the United States from a large number of countries, including baseline tariffs and additional individualized reciprocal tariffs on certain countries with whom the United States has the largest trade deficits. Increased tariffs by the United States has led and may continue to lead to the imposition of retaliatory tariffs by foreign governments. Additionally, throughout 2025, the U.S. government announced and rescinded multiple tariffs on several foreign jurisdictions, which has increased uncertainty regarding the ultimate effect of the tariffs on economic conditions.
Previous report
Uncertainties about tariffs and their effects on trading relationships, including as a result of future developments, may impact the macroeconomic conditions in the markets in which we operate, and may do so with little to no advanced notice. We continue to monitor the impact of such announcements, as well as opportunities to mitigate their related impacts, costs and other effects.
Previous report
Interest expense of $17.5 million during the three months ended March 31, 2026 decreased $0.3 million, or 1.7%, compared to the prior year period.
Previous report
Other income was $1.5 million during the three months ended March 31, 2026, compared to the prior year period expense of $1.8 million, both of which were primarily attributable to foreign currency.
Previous report
Cash provided by financing activities decreased $18.6 million during the three months ended March 31, 2026 compared to the prior year. The decrease was attributable to lower net revolver activity under our Credit Agreement.
Reworded paragraphs (18)
Previous wording
This Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is designed to provide a reader of our financial statements with an understanding of our recent performance, our financial condition and our prospects. This MD&A discusses the financial condition and results of operations of the Company as of and for the three months ended March 31, 2026.
Current wording
This Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is designed to provide a reader of our financial statements with an understanding of our recent performance, our financial condition and our prospects. This MD&A discusses the financial condition and results of operations of the Company as of and for the three and six months ended June 30, 2026.
Previous wording
On February 20, 2026, the U.S. Supreme Court issued a ruling invalidating tariffs imposed under the International Emergency Economic Powers Act ("IEEPA"). We are evaluating the amount, timing and collectibility of any potential refunds of IEEPA tariffs.
Current wording
Throughout 2025, the U.S. government proposed the implementation of, or did implement, a number of tariffs on imports to the United States from a large number of countries. On February 20, 2026, the U.S. Supreme Court issued a ruling invalidating tariffs imposed under the International Emergency Economic Powers Act ("IEEPA"), and on April 20, 2026, the U.S. Customs and Border Protection ("U.S. CBP") launched a refund platform. The net impact of IEEPA tariff refund claims submitted and accepted by U.S. CBP as of June 30, 2026 was not significant. The Company continues to monitor developments with respect to tariffs and trade policy, including refund initiatives and other opportunities to mitigate the related impacts, costs and other effects of tariffs.
Previous wording
A $3.0 million income tax expense in the three months ended March 31, 2026 resulted in an effective tax rate of (34.5)% compared with 5.5% in the prior year period. The net change was primarily due to mix of earnings and certain jurisdictions with a full valuation allowance in the current period, and goodwill impairment expense not deductible for tax purposes in the prior period.
Current wording
A $3.2 million income tax expense in the three months ended June 30, 2026 resulted in an effective tax rate of 47.1% compared with 416.7% in the prior year period. The Company's effective tax rate for the quarter was impacted by mix of earnings and certain jurisdictions with a full valuation allowance. In the prior period, a valuation allowance expense of $8.5 million was recorded against certain deferred tax assets.
Previous wording
FAM segment net sales increased primarily due to favorable currency translation, partially offset by lower volume/mix, including the impact from an exited facility.
Current wording
FAM segment net sales decreased primarily due to lower volume/mix, including the impact from an exited facility, partially offset by favorable currency translation and higher selling prices.
Previous wording
FAM gross profit increased, reflecting lower manufacturing costs, favorable currency, and favorable relative net selling price and input cost performance, offset by lower volume/mix.
Current wording
FAM gross profit increased, reflecting favorable relative net selling price and input cost performance and favorable currency, partially offset by lower volume/mix.
Previous wording
SAS gross profit increased, reflecting favorable relative net selling price and input cost performance, offset by lower volume/mix.
Current wording
SAS gross profit increased, reflecting favorable relative net selling price and input cost performance, offset by lower volume/mix and higher manufacturing and distribution costs.
Previous wording
Nonmanufacturing expenses decreased primarily due to lower selling and general expense, as a result of actions taken under our organizational realignment initiative (the "Plan").
Current wording
Nonmanufacturing expenses decreased primarily due to lower selling and general expense and research and development expense, as a result of actions taken under our organizational realignment initiative (the "Plan").
Previous wording
Restructuring and other impairment expenses decreased primarily due to an other impairment expense incurred in the prior period related to a facility closure.
Current wording
Restructuring and other impairment expenses decreased primarily due to an other impairment expense incurred in the prior period related to a facility closure and severance charges incurred in the prior period.
Previous wording
Net loss during the three months ended March 31, 2026 was $11.7 million, or $(0.22) per diluted share, compared to net loss of $425.5 million, or $(7.82) per diluted share, during the prior year period.
Current wording
Net loss during the six months ended June 30, 2026 was $8.1 million, or $(0.15) per diluted share, compared to net loss of $435.0 million, or $(7.98) per diluted share, during the prior year period.
Previous wording
As of March 31, 2026, $62.2 million of the Company's $82.3 million of Cash and cash equivalents was held by foreign subsidiaries. Restricted cash of $5.0 million primarily represents retained contributions associated with our UK Pension scheme, the use of which is restricted to obligations related to the scheme. We believe our sources of liquidity and capital, including cash on-hand, cash generated from operations, our Revolving Facility, and our Receivables Sales Agreement (an off-balance sheet arrangement as defined in Item 303(a)(4)(ii) of SEC Regulation S-K), will be sufficient to finance our continued operations, our current and long-term growth plan, and dividend payments.
Current wording
As of June 30, 2026, $57.3 million of the Company's $66.3 million of Cash and cash equivalents was held by foreign subsidiaries. Restricted cash of $4.5 million primarily represents retained contributions associated with our UK Pension scheme, the use of which is restricted to obligations related to the scheme. We believe our sources of liquidity and capital, including cash on-hand, cash generated from operations, our Revolving Facility, and our Receivables Sales Agreement (an off-balance sheet arrangement as defined in Item 303(a)(4)(ii) of SEC Regulation S-K), will be sufficient to finance our continued operations, our current and long-term growth plan, and dividend payments.
Previous wording
Net cash provided by operations increased $16.9 million to $1.0 million for the three months ended March 31, 2026, compared with cash use of $15.9 million in the prior year. The increase was attributable to higher quarterly net income, adjusted for non-cash items, offset by unfavorable year-over-year movements in working capital related cash flows.
Current wording
Net cash provided by operations increased $27.2 million to $68.9 million for the six months ended June 30, 2026, compared with cash provided by operations of $41.7 million in the prior year. The increase was attributable to higher quarterly net income, adjusted for non-cash items, and favorable year-over-year movements in working capital related cash flows.
Previous wording
During the three months ended March 31, 2026, net changes in operating working capital resulted in cash outflows of $28.2 million, compared to $22.1 million of outflows during the prior year period. The $6.1 million change was driven by outflows associated with inventories, partially offset by changes in accounts receivable.
Current wording
During the six months ended June 30, 2026, net changes in operating working capital resulted in cash outflows of $2.6 million, compared to $6.2 million of outflows during the prior year period. The $3.6 million change was driven by outflows associated with accounts payable and other current liabilities, accounts receivable, and accrued income taxes, partially offset by inventory.
Previous wording
Cash used in investing activities decreased $2.2 million during the three months ended March 31, 2026 compared to the prior year and was attributable to lower capital spending.
Current wording
Cash used in investing activities decreased $1.8 million during the six months ended June 30, 2026 compared to the prior year and was attributable to lower capital spending.
Previous wording
As of March 31, 2026, the Company had $1,035.8 million of total debt, $82.3 million of Cash and cash equivalents, $5.0 million of Restricted cash, and $416.2 million of undrawn capacity on its $600.0 million revolving line of credit facility (the "Revolving Facility"). Per the terms of the Company's amended credit agreement (the "Amended Credit Agreement"), net leverage was 4.1x at the end of the first quarter, versus a current maximum covenant ratio of 5.25x.
Current wording
As of June 30, 2026, the Company had $974.5 million of total debt, $66.3 million of Cash and cash equivalents, $4.5 million of Restricted cash, and $279.2 million of undrawn capacity on its $305.0 million Revolving Facility. Per the terms of the Company's Amended Credit Agreement, net leverage was 3.8x at the end of the second quarter, versus a current maximum covenant ratio of 5.00x.
Previous wording
As of March 31, 2026, the Company’s nearest debt maturity were the Revolving Credit Facility, Term Loan A Facility, and Delayed Draw Term Loan Facility, which were scheduled to mature on May 6, 2027. On April 3, 2026, the Company entered into the Ninth Amendment to the Credit Agreement, which provided for the refinancing and restructuring of the Revolving Credit Facility, Term Loan A Facility, Delayed Draw Term Loan Facility, and Term Loan B Facility. For additional information, refer to Note 14. Subsequent Events of the Notes to the unaudited Condensed Consolidated Financial Statements. After giving effect to the Ninth Amendment to the Credit Facility, the Company's next nearest debt maturity is the 8.000% $400.0 million senior notes due October 1, 2029.
Current wording
As of June 30, 2026, the Company’s nearest debt maturity is the 8.000% $400.0 million senior notes due October 1, 2029.
Previous wording
The following table presents activity related to our debt instruments for the three months ended March 31, 2026 and 2025 (in millions):
Current wording
The following table presents activity related to our debt instruments for the six months ended June 30, 2026 and 2025 (in millions):
Previous wording
Our total debt to capital ratios, as calculated under the amended Credit Agreement, at March 31, 2026 and December 31, 2025 were 68.7% and 67.1%, respectively.
Current wording
Our total debt to capital ratios, as calculated under the amended Credit Agreement, at June 30, 2026 and December 31, 2025 were 67.4% and 67.1%, respectively.
Previous wording
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") that are subject to the safe harbor created by the Act and other legal protections. Forward-looking statements include, without limitation, those regarding our expectations related to the impact of tariffs, the incurrence of additional debt and expected maturities of the Company’s debt obligations, the adequacy of our sources of liquidity and capital, acquisition integration and growth prospects (including international growth), the cost and timing of our restructuring actions, the impact of ongoing litigation matters and environmental claims, the amount of capital spending and/or common stock repurchases, future cash flows, purchase accounting impacts, impacts and timing of our cost-reduction and cost-optimization initiatives, profitability, and cash flow, and other statements generally identified by words such as "believe," "expect," "intend," "guidance," "plan," "forecast," "potential," "anticipate," "confident," "project," "appear," "future," "should," "likely," "could," "may," "will," "typically" and similar words.
Current wording
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") that are subject to the safe harbor created by the Act and other legal protections. Forward-looking statements include, without limitation, those regarding our expectations related to the impact of tariffs, the incurrence of additional debt and expected maturities of the Company’s debt obligations, the adequacy of our sources of liquidity and capital, the cost and timing of our restructuring actions, the impact of ongoing litigation matters and environmental claims, the amount of capital spending and/or common stock repurchases, future cash flows, impacts and timing of our cost-reduction and cost-optimization initiatives, profitability, and cash flow, and other statements generally identified by words such as "believe," "expect," "intend," "guidance," "plan," "forecast," "potential," "anticipate," "confident," "project," "appear," "future," "should," "likely," "could," "may," "will," "typically" and similar words.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
The following table presents net sales by segment for the three months ended June 30, 2026 and 2025 (in millions):
Current report — wording carried from elsewhere
The following table presents nonmanufacturing expenses for the three months ended June 30, 2026 and 2025 (in millions):
Current report — wording carried from elsewhere
Nonmanufacturing expenses decreased primarily due to lower research and development ("R&D") expense, as a result of actions taken under our organizational realignment initiative (the "Plan") that were focused on R&D project prioritization and resource optimization.
Current report — wording carried from elsewhere
The following table presents restructuring and other impairment expense for the three months ended June 30, 2026 and 2025 (in millions):
Current report — wording carried from elsewhere
Restructuring and other impairment expenses decreased primarily due to severance charges incurred in the prior period.
Current report — wording carried from elsewhere
The following table presents components of change in net sales by segment for the six months ended June 30, 2026 compared to 2025 (as a percentage of net sales):
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
SAS segment net sales decreased, reflecting lower volume/mix, partially offset by favorable currency translation and higher selling prices.