| Neenah, Inc. We Manufacture Growth Sidoti Virtual Small Cap Conference Investor Presentation January 20, 2022 We Manufacture Growth Company Overview An innovative leader in the manufacturing of specialty materials focused on premium markets Business Segments 65% 35% Technical Products Filtration Industrial Solutions Specialty Coatings $971 Financial Highlights ($Millions - LTM Q321) $971 Net Sales $122 Adj. EBITDA 6% Avg Free Cash Flow % Sales Global Footprint Headquarters Manufacturing facilities New loc ...

| Neenah, Inc. We Manufacture Growth Bank of America Leverage Finance Conference Investor Presentation November 30, 2021 We Manufacture Growth Company Overview An innovative leader in the manufacturing of specialty materials focused on premium markets Business Segments 65% 35% Technical Products Filtration Industrial Solutions Specialty Coatings $971 Financial Highlights ($Millions - LTM Q321) $971 Net Sales $122 Adj. EBITDA 6% Avg Free Cash Flow % Sales Global Footprint Headquarters Manufacturing facilitie ...

Schweitzer-Mauduit International, Inc. (SWM) Q3 2021 Earnings Conference Call November 4, 2021 10:30 AM ET Company Participants Mark Chekanow - Director, Investor Relations Jeff Kramer - Chief Executive Officer Andrew Wamser - Chief Financial Officer Conference Call Participants Chris McGinnis - Sidoti & Company Kenta Shimojo - Hayfin Capital Operator Good day and thank you for standing by. Welcome to the SWM’s Third Quarter 2021 Earnings Conference Call. Hosting the call today from SWM is Dr. Jeff Kramer, ...

© 2021 Schweitzer-Mauduit International, Inc. Third Quarter 2021 Earnings Conference Call November 4, 2021 | --- | --- | |-------|-------| | | | | | | | | | | | | © 2021 Schweitzer-Mauduit International, Inc. 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. These forward-looking statements can be identifie ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 2021 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) SCHWEITZER-MAUDUIT INTERNATIONAL, INC. (Exact name of registrant as specified i ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2021 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) Common stock, $0.10 par value SWM New York Stock Exchange SCHWEITZER-MAUDUIT INTERNA ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 2021 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) SCHWEITZER-MAUDUIT INTERNATIONAL, INC. Title of each class Trading Symbol Name of e ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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) SCHWEITZER-MAUDUIT INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 100 North Point Center East, Suite 600 30022 Al ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 2020 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) SCHWEITZER-MAUDUIT INTERNATIONAL, INC. (Exact name of registrant as specified i ...

Part I - Financial Information [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements for Q2 and H1 2020 versus 2019, covering income, balance sheets, and cash flows with detailed notes Condensed Consolidated Statements of Income (Q2 & H1 2020 vs 2019, in millions) | Indicator | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $254.2 | $269.9 | $515.7 | $527.9 | | **Gross profit** | $74.3 | $79.0 | $148.6 | $146.9 | | **Operating profit** | $34.4 | $44.2 | $68.5 | $74.6 | | **Net income** | $21.5 | $20.5 | $44.0 | $37.9 | | **Diluted EPS** | $0.68 | $0.66 | $1.40 | $1.22 | Condensed Consolidated Balance Sheet Highlights (in millions) | Indicator | June 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Total current assets** | $404.4 | $427.5 | | **Total assets** | $1,578.1 | $1,471.7 | | **Total current liabilities** | $136.7 | $157.6 | | **Long-term debt** | $666.4 | $540.8 | | **Total liabilities** | $970.7 | $874.0 | | **Total stockholders' equity** | $607.4 | $597.7 | Condensed Consolidated Statements of Cash Flow (Six Months Ended, in millions) | Indicator | June 30, 2020 | June 30, 2019 | | :--- | :--- | :--- | | **Net cash provided by operations** | $49.3 | $55.0 | | **Net cash used in investing** | $(183.8) | $(17.2) | | **Net cash provided by (used in) financing** | $96.6 | $(43.5) | | **Decrease in cash and cash equivalents** | $(39.1) | $(6.0) | [Note 1. General](index=11&type=section&id=Note%201.%20General) SWM operates as a multinational producer of engineered solutions and advanced materials across two segments: Advanced Materials & Structures (AMS) and Engineered Papers (EP) - The company operates through two main segments: Advanced Materials & Structures (AMS), which produces resin-based goods, and Engineered Papers (EP), which primarily serves the tobacco industry[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) - SWM conducts business in over 90 countries with 24 production sites and holds a 50% equity interest in two Chinese joint ventures, CTM and CTS[28](index=28&type=chunk) [Note 2. Revenue Recognition](index=14&type=section&id=Note%202.%20Revenue%20Recognition) Revenue is recognized upon transfer of control, with disaggregation of net sales provided by source, operating segment, and geographic location Net Sales by Segment (Six Months Ended June 30, in millions) | Segment | 2020 | 2019 | | :--- | :--- | :--- | | **Advanced Materials & Structures (AMS)** | $255.7 | $247.2 | | **Engineered Papers (EP)** | $260.0 | $280.7 | | **Total Revenues** | **$515.7** | **$527.9** | Net Sales by Geography (Six Months Ended June 30, 2020, in millions) | Geography | Amount | | :--- | :--- | | **United States** | $254.7 | | **Europe and former CIS** | $107.0 | | **Asia/Pacific (including China)** | $99.2 | | **Latin America** | $25.4 | | **Other foreign countries** | $29.4 | | **Total Revenues** | **$515.7** | [Note 4. Business Acquisitions](index=17&type=section&id=Note%204.%20Business%20Acquisitions) The company acquired Tekra and Trient for **$169.3 million** in March 2020, funded by debt, with **$61.2 million** in preliminary goodwill - Completed the acquisition of Tekra on March 13, 2020, for a net consideration of **$169.3 million**, funded by the revolving credit facility[59](index=59&type=chunk)[60](index=60&type=chunk) - The preliminary purchase price allocation resulted in **$61.2 million** of goodwill and **$81.8 million** of identifiable intangible assets, primarily customer relationships[64](index=64&type=chunk)[67](index=67&type=chunk) - From the acquisition date through June 30, 2020, Tekra contributed **$30.5 million** in net sales and a loss from continuing operations of **$0.3 million**[68](index=68&type=chunk) [Note 10. Debt](index=23&type=section&id=Note%2010.%20Debt) Total debt increased to **$669.0 million** by June 30, 2020, primarily due to the Tekra acquisition, with compliance across all covenants Total Debt Composition (in millions) | Component | June 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Revolving credit facility | $127.0 | $— | | Term loan facility | $196.5 | $197.5 | | 6.875% senior unsecured notes, net | $343.5 | $343.1 | | **Total debt** | **$669.0** | **$542.7** | - The company maintains a **$700.0 million** credit agreement, consisting of a **$500.0 million** revolving credit facility and a **$200.0 million** term loan facility[86](index=86&type=chunk) - The weighted average effective interest rate on debt facilities was approximately **3.92%** for the six months ended June 30, 2020, down from **4.43%** in the prior-year period[94](index=94&type=chunk) [Note 15. Segment Information](index=33&type=section&id=Note%2015.%20Segment%20Information) This note details net sales, operating profit, and assets for AMS and EP segments, highlighting EP's higher profit despite lower sales Segment Operating Profit (Six Months Ended, in millions) | Segment | June 30, 2020 | June 30, 2019 | | :--- | :--- | :--- | | **Advanced Materials & Structures** | $26.8 | $35.3 | | **Engineered Papers** | $65.1 | $61.2 | | **Unallocated** | $(23.4) | $(21.9) | | **Total Consolidated** | **$68.5** | **$74.6** | Segment Assets (in millions) | Segment | June 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Advanced Materials & Structures** | $961.2 | $781.2 | | **Engineered Papers** | $469.0 | $512.4 | | **Unallocated** | $147.9 | $178.1 | | **Total Consolidated** | **$1,578.1** | **$1,471.7** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes financial performance and condition, focusing on COVID-19 impacts, Q2 and H1 2020 results, segment performance, liquidity, and capital resources - The COVID-19 pandemic has impacted sales, operations, and profitability, particularly affecting the transportation end-market. The company has withdrawn its 2020 financial guidance but expects to remain profitable with sufficient liquidity[145](index=145&type=chunk)[154](index=154&type=chunk) - Q2 2020 net sales decreased **5.8%** to **$254.2 million**, and operating profit fell **22.2%** to **$34.4 million** compared to Q2 2019[158](index=158&type=chunk)[166](index=166&type=chunk) - For H1 2020, net sales decreased **2.3%** to **$515.7 million**, while net income increased to **$44.0 million** from **$37.9 million** in H1 2019, largely due to lower interest and other expenses related to a prior-year Brazil tax assessment[175](index=175&type=chunk)[190](index=190&type=chunk) - The company believes it has sufficient liquidity, with **$63.9 million** in cash and **$368.5 million** of undrawn capacity on its revolving credit facility as of June 30, 2020[156](index=156&type=chunk) [COVID-19 Overview](index=35&type=section&id=COVID-19%20Overview) The COVID-19 pandemic has varied impacts, with minimal effect on tobacco and medical, but significant negative effects on transportation - End-market impact varies: Tobacco and Medical are expected to see minimal impact, while the Transportation end-market (automotive paint protection films) has faced significant near-term negative effects[147](index=147&type=chunk)[148](index=148&type=chunk)[150](index=150&type=chunk) - Four of 24 manufacturing sites experienced temporary shutdowns but are now operational. Many AMS products are deemed 'essential', reducing the risk of further shutdowns[153](index=153&type=chunk) - The company has withdrawn its 2020 financial guidance but expects operating cash flow to exceed capital spending and believes it has sufficient liquidity to fund operations and obligations, including dividends[154](index=154&type=chunk)[155](index=155&type=chunk) [Results of Operations](index=38&type=section&id=Results%20of%20Operations) This section compares Q2 and H1 2020 financial results to 2019, detailing sales declines and net income increases due to specific factors Net Sales Change (Q2 2020 vs Q2 2019, in millions) | Segment | Q2 2020 | Q2 2019 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **AMS** | $132.8 | $126.7 | $6.1 | 4.8% | | **EP** | $121.4 | $143.2 | $(21.8) | (15.2)% | | **Total** | **$254.2** | **$269.9** | **$(15.7)** | **(5.8)%** | - Q2 AMS sales increased due to the Tekra acquisition; excluding Tekra, sales decreased **14.9%** due to COVID-19 impacts on transportation and construction markets[158](index=158&type=chunk) - Q2 EP sales decreased **15.2%** due to industry attrition, customer inventory destocking, and temporary site closures related to COVID-19[159](index=159&type=chunk) - H1 2020 net income increased to **$44.0 million** from **$37.9 million** in H1 2019, primarily because the prior-year period included significant non-recurring interest and other expenses related to Brazil tax assessments[186](index=186&type=chunk)[187](index=187&type=chunk)[190](index=190&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) Liquidity is driven by operations and credit, with H1 2020 cash flow from operations at **$49.3 million** and significant investing cash use due to the Tekra acquisition - Net cash provided by operations was **$49.3 million** for the first six months of 2020, a decrease from **$55.0 million** in the prior-year period, mainly due to unfavorable working capital movements[193](index=193&type=chunk) - Cash used in investing was **$183.8 million**, dominated by the **$169.3 million** net cash paid for the Tekra acquisition[196](index=196&type=chunk) - Financing activities provided a net **$96.6 million** in cash, reflecting **$212.0 million** in new borrowings (primarily for the Tekra acquisition) offset by debt payments and **$27.4 million** in dividends[197](index=197&type=chunk) - On August 5, 2020, the company announced a quarterly cash dividend of **$0.44** per share[199](index=199&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risk exposure as of June 30, 2020, remains consistent with the disclosures in the 2019 Annual Report on Form 10-K - Market risk exposure at the end of Q2 2020 is consistent with and not materially different from the risk disclosed at year-end 2019[215](index=215&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2020, 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 June 30, 2020[216](index=216&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[217](index=217&type=chunk) Part II - Other Information [Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 12 disclosures on legal proceedings, reporting no material developments since the last annual report - The company is involved in various legal proceedings, with no material developments to report beyond what is disclosed in Note 12 of the financial statements[220](index=220&type=chunk) [Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors from 2019 Annual Report, except for new risks related to the COVID-19 pandemic - The primary new risk factor relates to the COVID-19 pandemic and its potential adverse effects on business, financial condition, and cash flows[221](index=221&type=chunk)[222](index=222&type=chunk) - Specific pandemic-related risks include decreased demand, disruptions to manufacturing and suppliers, and the inability of employees to work at facilities due to health concerns or government restrictions[224](index=224&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **25,708** equity shares at an average price of **$35.24** in H1 2020 to cover employee tax obligations Issuer Purchases of Equity Securities (YTD 2020) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | **Total YTD 2020** | 25,708 | $35.24 | [Defaults Upon Senior Securities](index=52&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section is not applicable to the current report [Mine Safety Disclosures](index=52&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the current report [Other Information](index=52&type=section&id=Item%205.%20Other%20Information) This section is not applicable to the current report [Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q report, including corporate documents and CEO/CFO certifications - Lists exhibits filed with the report, including CEO and CFO certifications (Exhibits 31.1, 31.2, 32) and iXBRL formatted financial statements (Exhibit 101)[230](index=230&type=chunk)