MATV · Mativ Holdings, Inc.

Mativ Holdings delivered Q1 2026 results showing resilience amid market turbulence, with Adjusted EBITDA surging 28% to $47.5 million and margins expanding 220 basis points to 9.9%, driven by favorable price/cost dynamics, manufacturing efficiencies, and lower SG&A. GAAP results reflected a sharply reduced loss of $11.7 million versus $425.5 million last year, primarily due to the absence of a $411.9 million goodwill impairment. Segment performance was mixed: FAM sales edged up 0.4% reported (2.2% organic) to $188.3 million, with Adjusted EBITDA jumping 41.2% to $27.4 million (margin +430 bps) from lower costs, currency gains, and pricing; SAS sales dipped 2.0% to $291.3 million on volume weakness but Adjusted EBITDA rose 15.8% to $30.7 million (margin +160 bps) via pricing and cost control. Unallocated expenses improved on a GAAP basis due to no prior-year realignment costs, though adjusted rose slightly on advisory fees. CEO Shruti Singhal highlighted four straight quarters of profitability gains, cash flow improvements, and leverage reduction, with focus on pricing, operations, and balance sheet strength. Cash from operations reached $1.0 million, a significant advance, despite $8.4 million capex yielding negative free cash flow. Net debt stood at $953.5 million with $498.5 million liquidity; recent credit amendment extends maturities to 2031-2033. A $0.10 quarterly dividend was declared, signaling capital return confidence.