matv-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒
	For the quarterly period ended	March 31, 2026


☐			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 55,117,428 shares of common stock outstanding as of May 4, 2026.

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	25

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31

Item 4.	Controls and Procedures	31
	Part II. - Other Information
Item 1.	Legal Proceedings	32

Item 1A.	Risk Factors	32

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32

Item 3.	Defaults Upon Senior Securities	32

Item 4.	Mine Safety Disclosures	32

Item 5.	Other Information	32

Item 6.	Exhibits	33

Signatures		34

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,
		2026		2025
Net sales		$	479.6	$	484.8
Cost of products sold		394.7		412.2
Gross profit		84.9		72.6

Selling and general expense		54.8		63.3
Research and development expense		5.5		6.3
Intangible asset amortization expense		16.0		15.4
Total nonmanufacturing expenses		76.3		85.0

Goodwill impairment expense		—		411.9
Restructuring and other impairment expense		1.3		6.3
Operating profit (loss)		7.3		(430.6)
Interest expense		17.5		17.8
Other income (expense), net		1.5		(1.8)
Loss before income taxes		(8.7)		(450.2)
Income tax expense (benefit), net		3.0		(24.7)


Net loss		$	(11.7)	$	(425.5)



Net loss per share:


Basic		$	(0.22)	$	(7.82)




Diluted		$	(0.22)	$	(7.82)

Weighted average shares outstanding:
Basic		54,828,500		54,447,200
Diluted		54,828,500		54,447,200

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,
		2026		2025
Net loss		$	(11.7)	$	(425.5)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		(8.8)		4.8
Unrealized gain (loss) on derivative instruments		0.1		(6.9)
Net gain (loss) from postretirement benefit plans		(0.2)		0.2
Other comprehensive loss		(8.9)		(1.9)
Comprehensive loss		$	(20.6)	$	(427.4)

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, 2026		December 31, 2025
ASSETS
Cash and cash equivalents	$	82.3	$	84.2
Restricted cash	5.0		5.6
Accounts receivable, net	202.8		180.9
Inventories, net	334.7		329.1
Income taxes receivable	14.2		17.7

Other current assets	25.9		21.1

Total current assets	664.9		638.6
Property, plant and equipment, net	607.0		624.9

Operating lease right-of-use assets	48.1		48.4
Deferred income tax benefits	100.4		104.0
Goodwill	56.7		57.6
Intangible assets, net	493.3		514.2
Other assets	64.3		63.9

Total assets	$	2,034.7	$	2,051.6
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current debt	$	2.9	$	2.9

Operating lease liabilities	9.3		9.0
Accounts payable	183.5		160.7
Income taxes payable	2.0		1.5

Accrued expenses and other current liabilities	96.4		111.2

Total current liabilities	294.1		285.3
Long-term debt	1,032.9		1,015.3
Finance lease liabilities, noncurrent	15.5		16.1
Operating lease liabilities, noncurrent	38.3		38.8

Pension and other postretirement benefits	51.4		53.8
Deferred income tax liabilities	72.6		74.9
Other liabilities	57.6		68.7

Total liabilities	1,562.4		1,552.9
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; 55,109,676 and 54,681,114 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	5.5		5.5
Additional paid-in-capital	684.9		685.0
Accumulated deficit	(213.2)		(195.8)
Accumulated other comprehensive income (loss), net of tax	(4.9)		4.0
Total stockholders’ equity	472.3		498.7
Total liabilities and stockholders’ equity	$	2,034.7	$	2,051.6

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 (Loss)
	Shares	Amount								Total
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

Balance, December 31, 2025	54,681,114	$	5.5	$	685.0	$	(195.8)	$	4.0	$	498.7
Net loss	—	—		—		(11.7)		—		(11.7)
Other comprehensive loss, net of tax	—	—		—		—		(8.9)		(8.9)
Dividends paid ($0.10 per share)	—	—		—		(5.7)		—		(5.7)
Issuances of common stock under stock-based compensation plan	419,221	—		—		—		—		—
Stock-based employee compensation expense	—	—		1.7		—		—		1.7
Stock issued to directors as compensation	—	—		0.2		—		—		0.2
Deferred compensation directors stock trust	9,341	—		—		—		—		—
Shares withheld for employee taxes	—	—		(2.0)		—		—		(2.0)
Balance, March 31, 2026	55,109,676	$	5.5	$	684.9	$	(213.2)	$	(4.9)	$	472.3

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

MATIV HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Operating
Net loss	$	(11.7)	$	(425.5)


Adjustments to reconcile Net loss to Net cash provided by (used in) operations:
Depreciation and amortization	34.8		35.3
Amortization of deferred issuance costs	2.0		2.0
Goodwill impairment	—		411.9
Other impairments	0.1		5.3
Deferred income tax	(0.2)		(27.3)
Pension and other postretirement benefits	(1.7)		(0.5)
Stock-based compensation	2.1		3.6






(Gain) loss on foreign currency transactions	(1.6)		1.8
Other non-cash items	4.9		0.2

Other operating	0.5		(0.6)
Changes in operating working capital, net of assets acquired:
Accounts receivable	(25.8)

SEC Form 10-Q filed by Mativ Holdings Inc.