Part I - Financial Information [Financial Statements](index=3&type=section&id=Item%201%2E%20Financial%20Statements) The financial statements reflect the Neenah merger's impact, showing a net loss and significant changes in cash flow Condensed Consolidated Statements of Income (Loss) (in millions) | | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Net sales** | $679.0 | $406.8 | | **Gross profit** | $109.0 | $92.6 | | **Operating profit** | $9.3 | $10.6 | | **Net income (loss)** | $(7.7) | $1.6 | | **Diluted EPS** | $(0.14) | $0.05 | Condensed Consolidated Balance Sheets (in millions) | | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $1,005.2 | $974.7 | | **Total assets** | $3,674.8 | $3,669.2 | | **Total current liabilities** | $468.5 | $466.1 | | **Total liabilities** | $2,515.5 | $2,489.9 | | **Total stockholders' equity** | $1,159.3 | $1,179.3 | Condensed Consolidated Statements of Cash Flows (in millions) | | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Net cash provided by (used in) operations** | $(20.7) | $5.0 | | **Net cash used in investing** | $(19.4) | $(9.6) | | **Net cash provided by (used in) financing** | $11.7 | $(13.6) | | **Decrease in cash and cash equivalents** | $(27.4) | $(18.6) | [Note 1. General: Business Overview](index=9&type=section&id=Note%201%2E%20General) The company was renamed Mativ Holdings, Inc after merging with Neenah and now operates via two new segments - On July 6, 2022, SWM consummated its merger with Neenah, Inc and changed its name to **Mativ Holdings, Inc**[24](index=24&type=chunk) - The company's two reporting segments are now **Advanced Technical Materials (ATM)** and **Fiber-Based Solutions (FBS)**[24](index=24&type=chunk) [Note 2. Revenue Recognition](index=10&type=section&id=Note%202%2E%20Revenue%20Recognition) Net sales reached $679.0 million in Q1 2023, primarily from the US and Europe, with revenue recognized upon shipment Net Sales by Geographic Location (in millions) | Region | Q1 2023 Total Sales | Q1 2022 Total Sales | | :--- | :--- | :--- | | United States | $339.8 | $190.6 | | Europe and former CIS | $205.8 | $115.1 | | Asia-Pacific | $73.2 | $60.3 | | Americas (excluding U.S.) | $41.2 | $26.9 | | Other foreign countries | $19.0 | $13.9 | | **Total Net Sales** | **$679.0** | **$406.8** | - The company entered into an accounts receivables sales agreement in December 2022 with a maximum funding commitment of **$175.0 million**; in Q1 2023, **$312.1 million** of trade accounts receivable were sold under these programs[47](index=47&type=chunk)[54](index=54&type=chunk) [Note 4. Business Acquisitions: Neenah Merger](index=14&type=section&id=Note%204%2E%20Business%20Acquisitions) The Neenah merger was completed for $1,056.3 million, adding $230.9 million in goodwill to the ATM segment - The total consideration transferred to merge with Neenah was **$1,056.3 million**, which included equity, debt repayment, and other costs[59](index=59&type=chunk) - The excess of total consideration over net assets acquired was recorded as **goodwill of $230.9 million**, allocated to the ATM segment, and is not expected to be tax-deductible[61](index=61&type=chunk)[64](index=64&type=chunk) Neenah Financial Contribution Q1 2023 (in millions) | Metric | Amount | | :--- | :--- | | Net sales | $287.8 | | Net income | $2.9 | [Note 9. Restructuring and Impairment Activities](index=19&type=section&id=Note%209%2E%20Restructuring%20and%20Impairment%20Activities) Restructuring and impairment expenses fell to $0.8 million in Q1 2023 from $13.2 million in the prior year Restructuring and Impairment Expense (in millions) | | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Total restructuring and impairment expense** | **$0.8** | **$13.2** | - Q1 2022 expenses included a **$12.9 million impairment** of certain assets in the legacy SWM ATM segment[87](index=87&type=chunk) [Note 10. Debt](index=21&type=section&id=Note%2010%2E%20Debt) Total debt increased to $1.733 billion as of March 31, 2023, with the company remaining in covenant compliance Total Debt Summary (in millions) | | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total debt** | $1,733.0 | $1,693.9 | | **Total long-term debt** | $1,697.9 | $1,659.3 | - The company was in **compliance with all of its covenants** under the amended Credit Agreement and the Indenture at March 31, 2023[101](index=101&type=chunk)[106](index=106&type=chunk) [Note 15. Segment Information](index=30&type=section&id=Note%2015%2E%20Segment%20Information) The ATM segment's operating profit grew significantly while the FBS segment's profit declined post-merger Segment Performance Q1 2023 vs Q1 2022 (in millions) | Segment | Net Sales 2023 | Net Sales 2022 | Operating Profit 2023 | Operating Profit 2022 | | :--- | :--- | :--- | :--- | :--- | | **ATM** | $434.3 | $272.9 | $37.6 | $10.3 | | **FBS** | $244.7 | $133.9 | $6.2 | $25.7 | | **Unallocated** | N/A | N/A | $(34.5) | $(25.4) | | **Total** | **$679.0** | **$406.8** | **$9.3** | **$10.6** | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=31&type=section&id=Item%202%2E%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The Neenah merger drove a 66.9% sales increase, but gross margin declined due to inefficiencies and strikes [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Net sales rose 66.9% due to the Neenah acquisition, but operating profit fell 12.3% on compressed margins - Net sales increased **66.9% to $679.0 million**, primarily due to the addition of Neenah operations; price increases were offset by volume declines and negative currency impacts[163](index=163&type=chunk)[164](index=164&type=chunk) - Gross profit margin fell to **16.1% from 22.8% YoY**, negatively impacted by lower volume, manufacturing inefficiencies, and operational disruptions, including labor strikes in France[165](index=165&type=chunk) - FBS segment operating profit declined **75.9% to $6.2 million**, largely driven by labor strikes in France, manufacturing inefficiencies, and intangible asset amortization from the merger[169](index=169&type=chunk)[170](index=170&type=chunk) - Interest expense increased **82.8% to $26.5 million** due to incremental debt from the Merger and higher interest rates[172](index=172&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity remains sufficient with $359.0 million undrawn on its credit facility despite negative operating cash flow - As of March 31, 2023, the company had **$97.0 million in cash** and **$359.0 million of undrawn capacity** on its revolving credit facility[159](index=159&type=chunk)[178](index=178&type=chunk) - Net cash used in operating activities was **$20.7 million in Q1 2023**, compared to $5.0 million provided in Q1 2022, due to unfavorable working capital changes[179](index=179&type=chunk) - The company's **net leverage was 4.1x** at the end of Q1, versus a maximum covenant ratio of 5.25x[159](index=159&type=chunk) - A cash dividend of **$0.40 per share** was announced on May 10, 2023[184](index=184&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203%2E%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risk exposure has not materially changed from the disclosures in the 2022 Annual Report on Form 10-K - Market risk exposure at March 31, 2023 is consistent with and **not materially different** than the market risk presented in the 2022 Annual Report on Form 10-K[195](index=195&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%204%2E%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective as of March 31, 2023**[196](index=196&type=chunk) - **No changes in internal control** over financial reporting occurred in Q1 2023 that have materially affected, or are reasonably likely to materially affect, internal controls[197](index=197&type=chunk) Part II - Other Information [Legal Proceedings](index=41&type=section&id=Item%201%2E%20Legal%20Proceedings) There have been no material developments in legal proceedings since the last annual report - There have been **no material developments** with regard to legal proceedings referenced in the Annual Report on Form 10-K for the year ended December 31, 2022 and Note 12 of this report[200](index=200&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A%2E%20Risk%20Factors) The company's risk factors have not materially changed from those disclosed in the 2022 Annual Report - The risk factors discussed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2022, **remain relevant** and could materially affect the business[201](index=201&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202%2E%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 54,435 shares in Q1 2023 to cover tax withholding on employee stock awards Issuer Purchases of Equity Securities (Q1 2023) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 1 - 31, 2023 | 29,491 | $22.51 | | Feb 1 - 28, 2023 | 24,944 | $26.59 | | Mar 1 - 31, 2023 | — | — | | **Total YTD 2023** | **54,435** | **$24.37** | - The repurchases represent vested restricted shares from employees to **satisfy minimum tax withholding requirements** upon vesting of stock-based awards[202](index=202&type=chunk) [Other Items (3, 4, 5, 6)](index=41&type=section&id=Item%203%2C%204%2C%205%2C%206) Items 3, 4, and 5 are not applicable, while Item 6 lists the exhibits filed with the report - Item 3, Defaults Upon Senior Securities: **Not applicable**[204](index=204&type=chunk) - Item 4, Mine Safety Disclosures: **Not applicable**[205](index=205&type=chunk) - Item 5, Other Information: **Not applicable**[206](index=206&type=chunk) - Item 6 provides a **list of exhibits** filed with the Form 10-Q[208](index=208&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________ to __________________ 1-13948 (Commission file number) MATIV HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdic ...

Financial Data and Key Metrics Changes - The company reported fourth quarter sales of $660 million, with organic growth of 6% on a constant currency basis and 2% when accounting for currency impact [71] - Adjusted EBITDA for the fourth quarter was over $92 million, representing a 30% increase year-over-year, with margin expansion of 310 basis points [72][74] - For the full year, adjusted EBITDA was $370 million, also up 11% compared to the previous year [78] Business Line Data and Key Metrics Changes - Advanced Technical Materials (ATM) segment saw a 9% growth, while Fiber-Based Solutions (FBS) experienced a 3% growth in the fourth quarter [71] - Release liners and protective solutions were highlighted as the highest growth platforms within the portfolio [23] - The company achieved over $35 million in favorable price versus cost dynamics, contributing to margin improvements across segments [74][75] Market Data and Key Metrics Changes - The company noted softness in demand primarily due to customer destocking, particularly in Europe, while maintaining stable demand in North America [40] - The company expects destocking impacts to peak in the first quarter before normalizing by mid-year [5] - The overall economic environment remains challenging, with inflationary pressures and interest rate increases influencing demand [2][11] Company Strategy and Development Direction - The company aims to be a global leader in specialty materials, focusing on engineering innovative solutions to meet customer challenges [95] - Strategic pillars include prioritizing growth, focusing efforts, and driving value creation, with a shift towards organic growth in existing categories rather than diversifying through M&A [106] - The company is executing a $65 million cost synergy plan, which is seen as a controllable profit catalyst [25][115] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving solid profit growth in 2023 despite a challenging first quarter, driven by synergy realization and pricing actions [85][88] - The company anticipates a favorable input cost environment in the second half of the year, which should support profitability [52][85] - Management highlighted that over 60% of the portfolio is expected to exhibit recession resilience, providing a buffer against economic volatility [114] Other Important Information - The company has locked in much of its energy needs for 2023 at favorable prices, mitigating some inflationary pressures [83] - The company expects to generate approximately $150 million in free cash flow for the year, with a focus on debt reduction [61][64] - Capital expenditures are projected to be around $90 million for the year [92] Q&A Session Summary Question: Expectations for sequential decline in the first quarter - Management expects a soft first quarter, potentially down around 10% compared to last year, due to destocking impacts and a strike in France [9][50] Question: Recovery of pricing versus inflation - The company recovered $35 million in Q4 and anticipates continued recovery in 2023, with a target for modest margin improvement [30][27] Question: Update on synergies and revenue growth - The company expects to realize $25 million in synergies in 2023, primarily from cost reductions, with longer-term revenue synergies in process [79][44] Question: M&A strategy in the current environment - The focus remains on deleveraging and organic growth, with potential bolt-on acquisitions aligned with existing growth platforms [48][47] Question: Confidence in second half performance - Management is optimistic about demand recovery in the second half, driven by strong end markets and improved input costs [52][88]

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 pres ...

Mativ Holdings, Inc. (NYSE:MATV) Q3 2022 Earnings Conference Call November 10, 2022 8:30 AM ET Company Participants Mark Chekanow - Director of Investor Relations Julie Schertell - Chief Executive Officer Andrew Wamser - Executive Vice President and Chief Financial Officer Conference Call Participants Mitra Ramgopal - Sidoti Jon Tanwanteng - CJS Securities Operator Welcome to the Mativ's Third Quarter Earnings Conference Call. Hosting the call today for Mativ is Julie Schertell, Chief Executive Officer. She ...

Mativ 3Q 2022 Earnings Release Presentation November 10, 2022 1 Mativ 3Q 2022 Earnings Release Presentation Forward Looking Statements, Non-GAAP Disclosure, & Definitions 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 stateme ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from __________________to __________________ 1-13948 (Commission file number) MATIV HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 100 North Point Center East, ...

Company Overview - Mativ is a global leader in specialty materials with approximately $3 billion in annual sales[3] - The company boasts synergized EBITDA of over $450 million with margins exceeding 15% and expanding[3] - The company has approximately 7,500 employees and sales in over 100 countries[8] Financial Performance and Synergies - The company anticipates achieving over $65 million in initial cost synergies, with half of the run-rate expected within 12 months[6] - The company issued 2H:22 combined guidance of $210 million - $230 million in 2Q:22 earnings, with capacity for continued 15%+ adjusted EBITDA margin[20] - The company's capital allocation strategy prioritizes de-levering, targeting a leverage ratio of approximately 3.75x or below by YE 2022, and a long-term target of 2.5-3.5x in 2023[26] Business Segments - Advanced Technical Materials (ATM) accounts for approximately 65% of enterprise sales, while Fiber-Based Solutions (FBS) accounts for approximately 35%[3] - Within ATM, Industrials represent approximately 35% of the segment, Filtration approximately 25%, Protective Solutions approximately 15%, Healthcare approximately 15%, and Release Liners approximately 10%[13] - Within FBS, Packaging & Specialty Papers account for approximately 55% of the segment, and Engineered Papers account for approximately 45%[15]

Investor Presentation Sidoti Micro-Cap Virtual Conference August 2022 2 Investment Highlights—a new opportunity Leadership Positions in attractive global product categories Accelerated Growth Potential with multiple product and marketplace drivers Global Operations & Supply Chain with a diverse technology portfolio to drive innovation Material Science Expertise creates deep moats for defensibility Achievable Cost Synergies anchor multi-year margin expansion Solid Financial Profile & Cash Flow supports stron ...

Mativ Holdings, Inc. (NYSE:MATV) Q2 2022 Earnings Conference Call August 10, 2022 8:30 AM ET Company Participants Mark Chekanow - Director of IR Julie Schertell - CEO Andrew Wamser - EVP & CFO Conference Call Participants Jon Tanwanteng - CJS Securities Mitra Ramgopal - Sidoti Operator Hello everyone and welcome to the Mativ Second Quarter Conference Call. [Audio gap] …Chief Executive Officer. She is joined by Andrew Wamser and Executive Vice President and Chief Financial Officer and Mark Chekanow, Director ...