matv-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒
	For the quarterly period ended	March 31, 2025


☐			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)


Delaware		62-1612879
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

100 Kimball Pl,	Suite 600
Alpharetta,	Georgia	30009
(Address of principal executive offices)		(Zip Code)

1-770-569-4229

(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol	Name of each exchange on which registered
Common stock, $0.10 par value	MATV	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The Company had 54,632,920 shares of common stock outstanding as of May 5, 2025.

MATIV HOLDINGS, INC.

TABLE OF CONTENTS


		Page
	Part I. - Financial Information
Item 1.	Financial Statements	2

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36

Item 4.	Controls and Procedures	36
	Part II. - Other Information
Item 1.	Legal Proceedings	38

Item 1A.	Risk Factors	38

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38

Item 3.	Defaults Upon Senior Securities	38

Item 4.	Mine Safety Disclosures	38

Item 5.	Other Information	38

Item 6.	Exhibits	39

Signatures		40

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

MATIV HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in millions, except per share amounts)

(Unaudited)


	Three Months Ended March 31,
		2025		2024
Net sales		$	484.8	$	500.2
Cost of products sold		412.2		416.2
Gross profit		72.6		84.0

Selling and general expense		63.3		61.6
Research and development expense		6.3		6.0
Intangible asset amortization expense		15.4		15.8
Total nonmanufacturing expenses		85.0		83.4

Goodwill impairment expense		411.9		—
Restructuring and other impairment expense		6.3		14.4
Operating loss		(430.6)		(13.8)
Interest expense		17.8		18.3
Other income (expense), net		(1.8)		1.7
Loss before income taxes		(450.2)		(30.4)
Income tax benefit, net		(24.7)		(2.4)


Net loss		$	(425.5)	$	(28.0)



Net loss per share:


Basic		$	(7.82)	$	(0.52)




Diluted		$	(7.82)	$	(0.52)

Weighted average shares outstanding:
Basic		54,447,200		54,267,900
Diluted		54,447,200		54,267,900

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

MATIV HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in millions)

(Unaudited)


	Three Months Ended March 31,
		2025		2024
Net loss		$	(425.5)	$	(28.0)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		4.8		(9.2)
Unrealized gain (loss) on derivative instruments		(6.9)		2.3
Net gain (loss) from postretirement benefit plans		0.2		0.4
Other comprehensive loss		(1.9)		(6.5)
Comprehensive loss		$	(427.4)	$	(34.5)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

MATIV HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except per share amounts)

(Unaudited)


	March 31, 2025		December 31, 2024
ASSETS
Cash and cash equivalents	$	84.0	$	94.3
Restricted cash	9.8		—
Accounts receivable, net	202.1		162.4
Inventories, net	346.0		355.1
Income taxes receivable	19.0		20.6

Other current assets	25.3		25.7

Total current assets	686.2		658.1
Property, plant and equipment, net	622.3		620.3
Finance lease right-of-use assets	16.2		16.2
Operating lease right-of-use assets	45.9		46.4
Deferred income tax benefits	9.6		8.1
Goodwill	54.8		465.6
Intangible assets, net	545.4		553.4
Other assets	71.9		79.8

Total assets	$	2,052.3	$	2,447.9
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current debt	$	2.7	$	2.6
Finance lease liabilities	1.7		1.6
Operating lease liabilities	9.2		9.5
Accounts payable	176.9		151.7
Income taxes payable	8.6		8.4

Accrued expenses and other current liabilities	89.0		100.7

Total current liabilities	288.1		274.5
Long-term debt	1,120.1		1,086.7
Finance lease liabilities, noncurrent	16.5		16.3
Operating lease liabilities, noncurrent	36.2		36.4

Pension and other postretirement benefits	54.9		54.3
Deferred income tax liabilities	77.1		100.9
Other liabilities	31.2		20.3

Total liabilities	1,624.1		1,589.4
Stockholders’ equity:
Preferred stock, $0.10 par value; 10,000,000 shares authorized; none issued or outstanding	—		—
Common stock, $0.10 par value; 100,000,000 shares authorized; 54,574,597 and 54,335,830 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	5.5		5.4
Additional paid-in-capital	678.4		675.7
Retained earnings (accumulated deficit)	(266.9)		164.3
Accumulated other comprehensive income, net of tax	11.2		13.1
Total stockholders’ equity	428.2		858.5
Total liabilities and stockholders’ equity	$	2,052.3	$	2,447.9

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

MATIV HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(in millions, except per share amounts)

(Unaudited)


	Common Stock			Additional Paid-In Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Income
	Shares	Amount								Total
Balance, December 31, 2023	54,211,124	$	5.4	$	669.6	$	235.0	$	39.1	$	949.1
Net loss	—	—		—		(28.0)		—		(28.0)
Other comprehensive loss, net of tax	—	—		—		—		(6.5)		(6.5)
Dividends paid ($0.10 per share)	—	—		—		(5.4)		—		(5.4)
Restricted stock issuances, net	95,188	—		—		—		—		—

Stock-based employee compensation expense(1)	—	—		(1.9)		—		—		(1.9)
Stock issued to directors as compensation	4,943	—		0.3		—		—		0.3

Shares withheld for employee taxes	—	—		(0.7)		—		—		(0.7)
Balance, March 31, 2024	54,311,255	$	5.4	$	667.3	$	201.6	$	32.6	$	906.9

Balance, December 31, 2024	54,335,830	$	5.4	$	675.7	$	164.3	$	13.1	$	858.5
Net loss	—	—		—		(425.5)		—		(425.5)
Other comprehensive loss, net of tax	—	—		—		—		(1.9)		(1.9)
Dividends paid ($0.10 per share)	—	—		—		(5.7)		—		(5.7)
Issuances of common stock under stock-based compensation plan	183,866	0.1		—		—		—		0.1

Stock-based employee compensation expense	—	—		3.6		—		—		3.6
Stock issued to directors as compensation	8,598	—		0.2		—		—		0.2
Deferred compensation directors stock trust	46,303	—		—		—		—		—
Shares withheld for employee taxes	—	—		(1.1)		—		—		(1.1)
Balance, March 31, 2025	54,574,597	$	5.5	$	678.4	$	(266.9)	$	11.2	$	428.2
(1)Includes the impact of the equity-to-liability modification of certain restricted stock awards.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

MATIV HOLDINGS, INC. AND SUBSIDIARIES

SEC Form 10-Q filed by Mativ Holdings Inc.