Mativ Announces First Quarter 2025 Results

About this update from Mativ Holdings, Inc.

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","length":194,"tagName":"p"},{"type":"text","content":" Mativ First Quarter 2025 Highlights ","length":35,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Sales of $484.8 million decreased 3.1% year over year, and 0.2% on an organic basis","length":83,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":83,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"GAAP loss was $425.5 million, GAAP EPS was $(7.82); Results included a non-cash goodwill impairment charge of $411.9 million ($7.57 per share) as well as $14.5 million of organizational realignment and asset impairment expenses","length":227,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":227,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Adjusted EBITDA was $37.2 million, Adjusted loss was $6.0 million, and Adjusted EPS was $(0.14), (see non-GAAP reconciliations). Adjusted EBITDA was down 19% versus the prior year, as lower SG&A expenses across both segments and higher volume/mix in our SAS segment were more than offset by higher manufacturing and distribution costs, unfavorable net selling price versus input cost performance, and lower volume/mix in our FAM segment.","length":441,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":441,"olType":false},{"type":"text","content":" Management Commentary ","length":21,"tagName":"p"},{"type":"text","content":"President and Chief Executive Officer Shruti Singhal commented, "Since stepping in to lead Mativ eight weeks ago, I have seen firsthand the role we serve as trusted partner to our customers, enabling them to solve their most complex challenges. However, this past year has been incredibly challenging for our shareholders and employees. We are simply not where we need to be operationally to navigate the current demand environment or future challenges. We are pivoting to a much higher sense of urgency across our company to act swiftly, comprehensively and decisively to undertake the necessary changes to grow market share, return to sustainable and profitable growth, and most importantly restore value to our shareholders.","length":732,"tagName":"p"},{"type":"text","content":"Our top priority is to accelerate our pace of execution with a focus on three key areas: driving enhanced commercial execution, sharpening our efforts to de-lever the balance sheet, and conducting a strategic review of our portfolio. These actions are to ensure Mativ is focused on our highest value initiatives to enable our long-term success. We are executing against a clear strategic roadmap and are taking accelerated actions to position Mativ for profitable growth while de-levering our balance sheet and creating sustainable value for our shareholders.","length":559,"tagName":"p"},{"type":"text","content":"On a consolidated basis, our Q1 operating results, while mixed, came in as we expected at the start of the year. Our SAS segment delivered its fifth consecutive quarter of strong year-over-year results improvements, with organic revenue growth of approximately 6% and adjusted EBITDA growth of more than 3%, while FAM performance was impacted disproportionately by the higher priced year-end inventory we sold through during Q1, as well as continued slow demand in our transportation and construction-related end markets."","length":527,"tagName":"p"},{"type":"readMore"},{"type":"text","content":" Mativ First Quarter 2025 Financial Results ","length":42,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:41%;","val":[{"type":"text","content":" Filtration & Advanced Materials (FAM) ","length":41,"tagName":"p","attribs":{}}]},{"colspan":"16","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;border-bottom:solid black 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GAAP operating expenses in 2025 included $9.2 million in organizational realignment costs.","length":90,"tagName":"p"},{"type":"text","content":" Adjusted unallocated expenses (EBITDA) (see non-GAAP reconciliations) decreased $0.3 million versus prior year primarily driven by lower SG&A expenses.","length":155,"tagName":"p"},{"type":"text","content":" Interest expense was $17.8 million versus $18.3 million in the prior year period. The decrease was due to lower average balances and lower average interest rates in the current year period.","length":189,"tagName":"p"},{"type":"text","content":" Other income (expense), net was $(1.8) million and decreased $3.5 million compared with the prior year primarily driven by foreign currency losses.","length":147,"tagName":"p"},{"type":"text","content":" Tax was a 5.5% benefit for the three months ended March 31, 2025, driven by a change in valuation allowance and primarily attributable to the non-deductible goodwill impairment.","length":177,"tagName":"p"},{"type":"text","content":" Non-GAAP Adjustments reflect items included in GAAP operating profit, income, and EPS, but excluded from adjusted results (see non-GAAP reconciliation tables for additional details). The most significant adjustment to the first quarter 2025 results were:","length":254,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"$6.35 per share of goodwill impairment expenses related to our FAM segment","length":74,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":74,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"$0.88 per share due to change of valuation allowance on tax attributes","length":70,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":70,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"$0.22 per share of purchase accounting expenses (purchase accounting expenses reflect primarily ongoing non-cash intangible asset amortizations associated with mergers and acquisitions)","length":185,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":185,"olType":false},{"type":"text","content":" Cash Flow & Debt ","length":20,"tagName":"p"},{"type":"text","content":"Year-to-date 2025 cash used in operating activities was $15.9 million. Capital spending and software costs totaled $13.9 million. Working capital was a $22.1 million use of cash due to the impact of an increase in accounts receivable, partially offset by a decrease in inventories and increase in accounts payable.","length":314,"tagName":"p"},{"type":"text","content":"Total debt was $1,122.8 million as of March 31, 2025 and Cash and cash equivalents was $84.0 million resulting in net debt of $1,038.8 million. Total liquidity was approximately $407 million, consisting of $84 million of Cash and cash equivalents and $323 million of revolver availability. The Company's debt matures on a staggered basis between 2027 and 2029.","length":364,"tagName":"p"},{"type":"text","content":" Dividend & Share Repurchases ","length":32,"tagName":"p"},{"type":"text","content":"On May 7, 2025 the Company announced its next quarterly cash dividend of $0.10 per share payable on June 27, 2025 to stockholders of record as of May 23, 2025.","length":159,"tagName":"p"},{"type":"text","content":"During the first quarter, the Company did not repurchase shares.","length":64,"tagName":"p"},{"type":"text","content":" Conference Call ","length":15,"tagName":"p"},{"type":"text","content":"Mativ will hold a conference call to review first quarter 2025 results with investors and analysts at 8:30 a.m. Eastern time on Thursday, May 8, 2025. The earnings conference call will be simultaneously broadcast over the Internet at http://ir.mativ.com . To listen to the call, please go to the Company’s website at least 15 minutes prior to the call to register and to download and install any necessary audio software. For those unable to listen to the live broadcast, a replay will be available on the Company’s website shortly after the call.","length":546,"tagName":"p"},{"type":"text","content":" About Mativ ","length":11,"tagName":"p"},{"type":"text","content":"Mativ Holdings, Inc. is a global leader in specialty materials, solving our customers’ most complex challenges by engineering bold, innovative solutions that connect, protect and purify our world. Headquartered in Alpharetta, Georgia, we manufacture on three continents and generate sales in over 80 countries through our family of business-to-business and consumer product brands. The company’s two operating segments, Filtration & Advanced Materials and Sustainable & Adhesive Solutions, target premium applications across diversified and growing categories. Our broad portfolio of technologies combines polymers, fibers and resins to optimize the performance of our customers’ products across multiple stages of the value chain. Our leading positions are a testament to our best-in-class global manufacturing, supply chain and materials science capabilities. We drive innovation and enhance performance, finding potential in the impossible.","length":951,"tagName":"p"},{"type":"text","content":" Forward-Looking Statements ","length":26,"tagName":"p"},{"type":"text","content":"This press release 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 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 ongoing operational excellence and other cost-reduction and cost-optimization initiatives, profitability, and cash flow, the expected benefits and accretion of the Neenah merger and Scapa acquisition and integration, whether the strategic benefits of the EP Divestiture can be achieved 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.","length":1522,"tagName":"p"},{"type":"text","content":"These forward-looking statements are prospective in nature and not based on historical facts, but rather on current expectations and on numerous assumptions regarding the business strategies and the environment in which the Company’s business shall operate in the future and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that may cause actual results to differ materially from our expectations as of the date of this release. These risks include, among other things, the following factors:","length":690,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Risks associated with the implementation of our strategic growth initiatives, including diversification, and the Company's understanding of, and entry into, new industries and technologies;","length":193,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":193,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Risks associated with acquisitions, dispositions, strategic transactions and global asset realignment initiatives of Mativ;","length":123,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":123,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Adverse changes in our end-market sectors impacting key 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our technological advantages in our intellectual property and the likelihood that our current technological advantages are unable to continue indefinitely;","length":177,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":177,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Supply chain disruptions, including the failure of one or more material suppliers, including energy, resin, fiber, and chemical suppliers, to supply materials as needed to maintain our product plans and cost structure;","length":218,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":218,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Increases in operating costs due to inflation and continuing increases in the inflation rate or otherwise, such as labor expense, compensation and benefits 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employment, wage and hour laws and regulations in the U.S. and elsewhere, including unionization rules and regulations by the National Labor Relations Board, equal pay initiatives, additional anti-discrimination rules or tests and different interpretations of exemptions from overtime laws;","length":301,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":301,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"The impact of tariffs, and the imposition of any future additional tariffs and other trade barriers, and the effects of retaliatory trade measures;","length":147,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":147,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Existing and future governmental regulation and the enforcement thereof that may materially restrict or adversely affect how we conduct business and our financial 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Forward-looking statements herein are made only as of the date of this document, and Mativ undertakes no obligation, other than as may be required by law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, or changes in future operating results over time or otherwise. For a more detailed discussion of these factors, also see the information under the captions "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in Mativ's most recent annual report on Form 10-K for the year ended December 31, 2024 and any material updates to these factors contained in any of Mativ’s future filings with the SEC. The discussion of these risks is specifically incorporated by reference into this release. The financial results reported in this release are unaudited.","length":1033,"tagName":"p"},{"type":"text","content":"Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance unless expressed as such and should only be viewed as historical data. The financial results reported in this release are unaudited.","length":272,"tagName":"p"},{"type":"text","content":" Non-GAAP Financial Measures ","length":27,"tagName":"p"},{"type":"text","content":"Certain financial measures and comments contained in this press release exclude restructuring and impairment expenses, certain purchase accounting adjustments related to prior acquisitions, organizational realignment and integration costs, divestiture costs, interest expense, stock compensation expense, inventory step-up expense, the effect of income tax provisions and other tax impacts, capital spending, capitalized software costs, cloud-based software costs and depreciation and amortization. This press release also provides certain information regarding the Company's financial results excluding currency impacts. This information estimates the impact of changes in foreign currency rates on the translation of the Company's current financial results as compared to the applicable comparable period and is derived by translating the current local currency results into U.S. Dollars based upon the foreign currency exchange rates for the applicable comparable period. Financial measures which exclude or include these items have not been determined in accordance with accounting principles generally accepted in the United States (GAAP) and are therefore "non-GAAP" financial measures. Reconciliations of these non-GAAP financial measures to the most closely analogous measure determined in accordance with GAAP are included in the financial schedules attached to this release.","length":1402,"tagName":"p"},{"type":"text","content":"The Company believes that the presentation of non-GAAP financial measures in addition to the related GAAP measures provides investors with greater transparency on the information used by the Company’s management in its financial and operational decision-making. Management also believes that the non-GAAP financial measures provide additional insight for analysts and investors in evaluating the Company’s financial and operational performance in the same way that management evaluates the Company's financial performance. Management believes that providing this information enables investors to better understand the Company’s operating performance and financial condition. 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