Mativ Holdings, Inc.

What they do

Mativ manufactures on three continents, sells in over 100 countries and operates 34 production locations worldwide. It takes basic inputs like fibers, resins and chemicals and creates engineered media, then coats, saturates, bonds and converts them into customized products. The company was spun off from Kimberly-Clark in 1995 and became Mativ after Schweitzer-Mauduit International merged with Neenah in July 2022. It sold its Engineered Papers business on November 30, 2023, exiting tobacco-based markets, and that business is reported as a discontinued operation.

Revenue drivers

• Sustainable Adhesive Solutions (SAS) — The larger segment, with $330.1 million of second-quarter 2026 net sales (about 62% of the total). Products include tapes, labels, liners, specialty paper, packaging and healthcare solutions; Q2 2026 gross margin was 19.9% and adjusted EBITDA margin 15.3%.
• Filtration Advanced Materials (FAM) — The smaller segment, with $201.7 million of second-quarter 2026 net sales (about 38% of the total). Products include filtration media and components, advanced films, coating and converting solutions and extruded mesh; Q2 2026 gross margin was 23.6% and adjusted EBITDA margin 17.6%.
• Tapes, Labels and Liners — A product line inside SAS that grew strongly in the second quarter of 2026, according to the earnings release, though the filing does not quantify its revenue.
• Pricing and currency — In Q2 2026, selling price added 3.0% to total net sales (FAM +2.0%, SAS +3.6%) and favorable currency also contributed, while total volume/mix fell 2.3%.

Recent performance

Second-quarter 2026 net sales were $531.8 million, up 1.2% year over year, or 1.7% organically, driven by pricing and currency while total volume/mix declined 2.3%. GAAP net income was $3.6 million, or $0.06 per diluted share, versus a $9.5 million loss in the prior-year quarter. Gross profit rose to $113.3 million (21.3% margin) from $103.7 million (19.7%), and operating profit was $35.3 million versus $20.1 million. Adjusted EBITDA was $75.0 million, up 12%, at a 14.1% margin, and cash from operations was $67.9 million with free cash flow of $60.4 million. For the six months ended June 30, 2026, net loss was $8.1 million versus a $435.0 million loss a year earlier, when results included a large impairment charge.

Strategy

Mativ describes its long-term ambition as being a global specialty materials supplier of choice, serving leading customers in specialized, growing segments. Management cites changes to its new business development process, operating cadence and cost structure, and says it continues to identify and execute initiatives aimed at sustainable, profitable growth, shareholder value and a better leverage profile. Recent actions include exiting a facility and discontinuing the Engineered Papers business in November 2023. Capital spending was $15.9 million in the first half of 2026, down from $22.6 million a year earlier. The dividend has been cut from $1.76 per share in 2021 to $0.40 in each of 2024 and 2025.

Risks

• Debt and covenants — The company had $970.1 million of long-term debt and $1.52 billion of total liabilities at June 30, 2026, and the 10-K warns that failure to comply with credit agreement covenants could cause acceleration of indebtedness.
• Dividend restrictions — The 10-K risk factors state that future dividends on common stock may be restricted or eliminated; the payout has already fallen to $0.40 per share annually.
• Integration and merger benefits — The 10-K cites substantial costs related to integrating Neenah and the risk that Mativ fails to realize some or all anticipated benefits of the July 2022 merger.
• Trade, tariffs and foreign operations — The company operates in over 100 countries and depends on foreign imports and exports; the Q2 2026 10-Q notes U.S. tariff actions, a February 2026 Supreme Court ruling invalidating IEEPA tariffs and an April 2026 CBP refund platform, with no significant net refund impact as of June 30, 2026.

Outlook

Management called the second quarter its strongest since Mativ was formed four years ago, with record adjusted EBITDA and margins, and said implemented changes to business development, operating cadence and cost structure are advancing momentum through 2026. CEO Shruti Singhal said the company continues to identify and execute new initiatives to accelerate progress toward long-term objectives of sustainable, profitable growth, increased shareholder value and an attractive leverage profile. The filings do not provide specific quantitative guidance for revenue or earnings.