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Here are 1-2 brief analogies for Mativ:

• A B2B version of 3M: Like 3M, Mativ invents and manufactures a wide range of specialized materials and components (such as for filtration, medical products, and industrial applications), but they primarily sell these engineered solutions to other manufacturers rather than directly to consumers.
• A specialized DuPont: Similar to DuPont, Mativ focuses on developing and producing advanced materials and engineered solutions that are critical components across various industries, including medical, filtration, and packaging.

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• Filtration Materials: Specialized materials used in air, liquid, and industrial filtration systems.
• Release Liners: Silicone-coated papers and films essential for adhesive applications in labels, medical devices, and industrial processes.
• Medical & Healthcare Materials: Advanced nonwovens and films for wound care, medical tapes, and other healthcare product components.
• Engineered Performance Materials: High-performance papers, films, and nonwovens for durable labels, industrial applications, and battery components.
• Fine & Technical Papers: Premium specialty papers used for printing, stationery, and various technical applications.

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Mativ (symbol: MATV) primarily sells its high-performance specialty materials and components to other companies (B2B).

According to Mativ's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, no one customer accounted for 10% or more of its consolidated net sales in 2023, 2022, or 2021. This indicates that Mativ has a diversified customer base across various industries rather than a few identifiable major customers.

Therefore, specific names of major customer companies are not publicly disclosed, as no single customer represents a significant portion of their revenue.

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Shruti Singhal, President and Chief Executive Officer

Shruti Singhal was appointed President and Chief Executive Officer of Mativ in March 2025. He brings extensive expertise in leading transformations through strong operational and commercial execution, profitability initiatives, and driving innovation. Prior to Mativ, he served as Chief Executive Officer of Galata Chemicals and Chroma Color. His career also includes roles of increasing responsibility at global businesses such as DSM, General Cable, Solenis, Ashland, The Dow Chemical Company, Rohm and Haas, Cognis (now BASF), and Henkel.

Greg Weitzel, Chief Financial Officer

Greg Weitzel serves as Mativ's Chief Financial Officer, a position he assumed in March 2023. Before becoming CFO, he was the company's Vice President of Financial Planning & Analysis (FP&A) since Mativ's formation in July 2022. He previously held the same FP&A role for Neenah, Inc., where he held various leadership positions in corporate and business finance starting in 2013. Earlier in his career, he spent nearly 20 years in leadership roles within Finance and Supply Chain at Georgia Pacific and Koch Industries.

Mark Johnson, Chief Legal and Administrative Officer

Mark Johnson was appointed Chief Legal and Administrative Officer of Mativ in August 2023. Prior to joining Mativ, he served as Executive Vice President, Chief Legal Officer, and Corporate Secretary for Kimball International. Additionally, since 2022, he was President of Kimball International's Hospitality business unit, overseeing full profit and loss management. His previous experience includes leadership roles at Newell Brands and as a commercial litigation associate for McGuire Woods, LLP.

Rajeev Kapur, Chief Information Officer

Rajeev Kapur became Mativ's Chief Information Officer in August 2023. He joined Mativ in July 2022 as Vice President of Digital Transformation and Business Intelligence. Before Mativ, he was the Vice President of Commercial Transformation at Kimberly Clark and also served as Kimberly Clark's inaugural Chief Data Officer. He has held numerous leadership positions in global brand organizations, including Under Armor, Newell Brands, Nike Inc., and Lucent Technologies.

Ryan Elwart, Group President

Ryan Elwart is Mativ's Group President. He joined Mativ from Georgia-Pacific, where his most recent role was Chief Customer Officer for the GP Consumer Products Group. In that position, he was responsible for leading a combined sales and commercial capability organization, which included retail and B2B sales, eCommerce, training, customer planning, category management, and sales strategy. Prior to his tenure at Georgia Pacific, Ryan held several sales positions at PepsiCo and Hormel Foods.

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The key risks to Mativ's (MATV) business are as follows:

1. High Leverage and Debt: Mativ faces significant financial risk due to its high leverage and substantial long-term debt, including unsecured notes maturing in 2026. This high debt burden leads to increased interest expenses, which limits the company's profitability and financial flexibility. Mativ's net debt was reported at $1,038.8 million as of March 2025, and a debt-to-EBITDA ratio exceeding 7x could further restrict its operational flexibility. The company is actively focused on deleveraging and debt reduction efforts.
2. Challenges in the Filtration & Advanced Materials (FAM) Segment: The Filtration & Advanced Materials (FAM) segment continues to struggle with several headwinds. These include sluggish industrial demand, inventory clearance issues, and lower selling prices across the segment. Additionally, the FAM segment faces competition from lower-cost imports and has experienced lingering quality issues, which have negatively impacted volumes and led to declines in sales and adjusted EBITDA.
3. Raw Material Cost Headwinds: Mativ anticipates potential raw material cost headwinds as a key challenge heading into 2025. These rising input costs can further pressure the company's margins and profitability, particularly in a competitive market environment.

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The emerging threat of solid-state battery technology poses a significant risk to Mativ's battery separator business. As Mativ supplies materials for traditional lithium-ion batteries, the widespread adoption of solid-state batteries, which utilize different internal architectures and may not require the same type of separators, could render Mativ's current offerings in this growth segment obsolete or significantly reduce demand.

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Future Revenue Growth Drivers for Mativ (MATV)

• Organic Sales Growth and Increased Volumes: Mativ has demonstrated consistent organic sales growth, with a 1.4% increase in Q3 2024 and a 5% organic growth in Q3 2025. This growth is significantly driven by higher volumes, particularly within the Filtration and the Sustainable & Adhesive Solutions (SAS) segments. Management commentary highlights meaningful increases in volume and profitability in these areas.
• Expansion through New Products and Market Penetration: The company is making strategic investments in new product lines and expanding into new markets. Notable examples include a new medical films line in the U.K., expected to start up in Q1 2025, and a new line for specialty tapes in Canada, projected to generate over $20 million in additional revenue once fully utilized by the third year of operation following its early 2026 startup. Mativ is also exploring new markets with innovative products like smart glass through a partnership with Miru. Combined investments in growth announced in 2023 and 2024 are anticipated to provide over $115 million in incremental revenue in the next three to four years.
• Strategic Pricing and Favorable Price/Cost Dynamics: Mativ has shown an ability to implement higher selling prices, particularly within its SAS segment, which has contributed to organic growth. Furthermore, favorable net selling price versus input cost performance has been identified as a contributor to increased adjusted EBITDA, which can support top-line growth by maintaining margins and allowing for continued investment.
• Enhanced Commercial Execution and Cross-Selling: The company is focused on improving its commercial execution by leveraging its SAS go-to-market approach, harmonizing tools, and facilitating ease of business for customers. This strategy aims to capitalize on cross-selling opportunities across its product portfolio and expand existing products into new market areas.

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Share Repurchases

• Mativ's Board of Directors authorized a $30.0 million share repurchase program in August 2023.
• As of February 26, 2024, the company purchased 539,386 shares for $8.0 million under the authorized share repurchase program.
• Mativ did not repurchase shares during the first, second, or third quarters of 2025, prioritizing debt reduction.

Share Issuance

• On July 6, 2022, Schweitzer-Mauduit International, Inc. (SWM) completed a merger transaction with Neenah, Inc., with SWM subsequently changing its name to Mativ Holdings, Inc.
• Mativ's 2024 Equity and Incentive Plan was approved for adoption in April 2024, which allows for future share issuances as part of executive and employee compensation.

Outbound Investments

• On July 6, 2022, the company (then SWM) completed the merger with Neenah, Inc., making Neenah a wholly-owned subsidiary of Mativ.

Capital Expenditures

• Year-to-date capital spending and software costs for 2025, as of September 30, totaled $28.7 million.
• Mativ is limiting capital expenditures to $40 million for the full year 2025, a reduction from an annualized rate of $55 million in 2024.
• Recent capital expenditures have focused on a new filtration meltblown line in Germany and a silicone release coater in Mexico, targeting growth in areas like labels, adult care, and composites.