Mativ Holdings, Inc.

one on your touch tone phone. If you need to remove yourself from the from the queue, please press the pound key. If you should require operator assistance, please press star fold by zero. We ask that you you please pick up your handset to allow optimal sound quality. It is now my pleasure to turn the call over to Mr Chris Cooper. You may begin. Mr Chris Cooper, you may begin.

Good morning everyone and thank you for joining us for the second quarter 2025 earnings call. Before we begin, I'd like to remind you that comments included in today's call include forward-looking statements. Actual results may differ materially from these comments for reasons shown in detail in our Securities and Exchange Commission filings, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. Some financial metrics discussed during this call are non-GAAP financial metrics. Reconciliation of these metrics to the closest GAAP metrics are included in the appendix of the earnings release. Unless stated otherwise, financial and operational metric comparisons are to the prior year period and relate to continuing operations. The earnings release issued yesterday afternoon and the accompanying slide deck are available on our website at .matter.com. With that, I'll turn the call over to Shruti.

Thanks Chris. Good morning everyone and thank you for joining our call. On our last earnings call in May, we communicated our expectations that we would see a material step up in both sales and adjusted EBITDA over Q1 results. Sequentially, our sales in Q2 came in more than $40 million higher or up more than 8% and adjusted EBITDA increased $30 million or up more than 80%. Overall, a significant step change versus the previous quarter. On a -over-year we delivered strong results in Q2 with both adjusted EBITDA and free cash flow comparing favorably and exceeding our expectations driven by improvements in volume and lower SG&A expenses across the company. Much of this improvement is attributable to the great work of our global cross-functional teams who delivered continued improvements in this challenging trade, ever-changing tariff and uncertain macroeconomic environment. Our return to a more normalized performance in Q2 is also more reflective of the shape of the P&L we expect to see in the back half of this year. On a -over-year basis, sales were up over 2% organically and adjusted EBITDA was up 1% over a strong Q2 comp in the prior year. I am extremely proud of the resilience and creativity that our teams demonstrate on a daily basis and which yield tangible results in finding new and innovative ways to win in the marketplace and drive commercial execution. We have made impactful changes by de-layering the organization, promoting talent from within, and optimizing our resource allocation for faster decision-making. These are some of the factors behind this quarter's results which represents our second highest adjusted EBITDA and free cash flow quarter since the merger. Let me touch briefly on our segment results. SaaS sales continued their strong momentum from the previous quarters and were up 5% on an organic basis. The fifth consecutive quarter of -over-year improvement in sales. Adjusted EBITDA was down slightly versus a strong comp in the prior year, mainly due to higher manufacturing and distribution costs. We continue to see solid sales improvement this quarter across many of our SaaS categories with tapes and labels, liners, healthcare, and commercial print leading the charge. Our pricing efforts were key in offsetting slight input cost headwinds. Our SaaS commercial teams have secured new long-term commitments from customers that are driving incremental annual revenue in construction tape, consumer tape, and healthcare categories, and driving market share gains in commercial print and consumer. Discipline management of sales pipeline is also enabling us to expand our customer base and volumes and is expected to have a positive impact in the second half of this year. In our FAM segment, while overall demand patterns continue to be mixed and affected by the ongoing challenges in the construction and automotive sectors, we saw strong pockets of growth in HVAC, air pollution control filtration, and optical films. Embracing our heightened sense of urgency and pace of execution, the FAM team has started to implement a proven cross-company -to-market approach that has been the driver behind SaaS's continued momentum. Additionally, we made measurable progress over the past quarter on closing the -over-year gap. We expect FAM to compare favorably on a -over-year basis for the remainder of the fiscal year. We have also seen sequential improvement in our advanced films business as a result of our focus on operations, customers, and the investments we have made. While our paint protection film volumes are still below their corresponding 2024 levels, the gap is narrowing, and we are seeing good momentum on a sequential basis for the past two quarters. We have made good progress in our initiatives regarding mid-year strategy in Asia and are prioritizing our improved quality in North America, where we are regaining share in our premium segment with our long-term and new customers. On the commercial side, FAM teams have driven 20-plus percent growth in HVAC and air pollution control markets, with significant increases in customer commitments. These products ultimately go into the data center market, which has seen strong -over-year growth. We expect this trend to continue as AI data center capacity expansions continue to see growth for the foreseeable future. Our optical films category is also up over 20 percent -over-year on strong incremental customer commitment for high-performance applications in transportation, military, and construction end markets. Finally, on the product innovation side, we are actively supporting our filtration customers with -to-market, reduced-carbon footprint solutions. Much of the momentum that you can see in our Q2 results is measurable evidence that our pivot and turnaround plan is working. On our last earnings call, we announced three priorities to improve performance and position matter for value creation. These were driving enhanced commercial execution, sharpening efforts to de-level the balance sheet, and conducting a strategic review of our portfolio. To drive enhanced commercial execution, we transitioned a uniform commercial leadership structure across BAM and SAS that is focused on profitable growth, generating incremental demand, strategic pricing initiatives, and a cross-company -to-market strategy. The impact of this change drove organic volumes and select pricing actions, especially in our SAS segment, and is expected to drive BAM favorability as well in the back half of 2025. To sharpen our efforts to de-lever the balance sheet, we announced a number of initiatives that are aimed at driving margin improvement and cash flow generation. The team accepted my challenge to deliver $30 to $35 million in cost reductions by year-end 2026. I am pleased to also announce that after comprehensively reviewing our expense and operating structure to further reduce costs, we identified an additional $5 million in cost improvement opportunities that are comprised mainly of expenses at the FCNA level. In total, we are now targeting $35 to $40 million in cost deductions by year-end 2026, $15 to $20 million of which are expected to be realized and flowing through the P&L in 2025. To support our cash flow improvement goals, we are well underway in reducing our annual capital expenditure levels to $40 million and the team is working hard to reduce our year-end 2025 inventory by $20 to $30 million versus year-end 2024 with no impact on customer service levels. We kicked off our strategic portfolio review with the aim of evaluating opportunities to unlock value, strengthen our balance sheet, and go to market positioning. We will share updates as this review moves along. Greg will provide a more detailed overview of our outlook for the remainder of 2025 and Q3 in particular. But when you add up all the initiatives we just walked through, you see the key components that make us confident in our ability to outperform in Q3 and Q4 versus the prior year quarters from both an adjusted EBITDA and free cash flow perspective. As a matter of fact, for the full year 2025, we are expecting to deliver approximately twice the free cash flow as compared to the full year 2024. Let me take a pause here to highlight the incredible transformation we have made over the past five months. I am very pleased at how the entire MATEP team embraced this new sense of urgency and pace of execution throughout everything they do. We are acting swiftly, comprehensively, and decisively to undertake the necessary changes to grow our market share, return our performance to sustainable and profitable growth, and most importantly, deliver value to our shareholders. From an operations standpoint, we have several manufacturing, supply chain excellence, and continuous improvement work streams underway that will have a tangible impact on our results going forward. Early results of these work streams are improved on time in full service levels that compare favorably year over year in Q2. Additionally, we are seeing improved employee engagement, better morale, and reduced turnover across our global workforce. On the supply chain side, we are streamlining our product portfolios and SKUs, repurposing slow-moving stocks, optimizing inventory levels, and enhancing our demand planning through S&OP. These initiatives are already making a favorable impact on our results, and we expect to gain further momentum over the coming two quarters. Finally, on the starting in the back half of 2025. Those are comprised of managing order cutoff times, optimizing our warehouse processes and footprint, and controlling our freight costs. The team fully understands that we need to keep a confident stance, an agile footing, and an innovative mindset to successfully navigate and execute in the current demand environment. We must first and foremost serve our existing customers on time and on spec, as they value certainty and reliability even more in this environment. Secondly, we need to attract new customers and new volumes by proving our value proposition and how we can be a critical partner in where and how they go to market. Additionally, we need to allocate our assets and our resources in the most efficient way possible. As we align this clear-cut -to-market approach with the increased cadence and prominence of our pipeline reviews and the unwavering engagement and commitment that we have seen firsthand in our employees, we are creating meaningful value for all our stakeholders in the process. I am confident our team will continue to successfully execute on this mandate. On the tariff front, while changes in trade policies and actual tariffs imposed have had both direct and indirect impacts on a business over the past quarter, less than 7% of our annual sales are currently subject to tariffs, with China at 2%, Mexico at 1%, Europe 1.5%, the UK at 1% of total MADEP annual sales. Most of our business with Canada remains exempt under USMCA. We are striving to fully offset our direct exposures to alternative sourcing strategies and pricing negotiations. We remain focused on driving enhanced commercial execution and tactical network optimization to minimize the more indirect impacts that affect our customers' order patterns and impose operational inefficiencies throughout the system. As a result of our localized supply chain and our ability to partner with our customers in each of their -to-market regions, the direct impacts of the current trade environment remain fully manageable, while the indirect effects introduce a level of uncertainty that is reflected in weak demand patterns and transactional inefficiencies. We are leveraging a proven playbook to focus on what we can control in mitigating these ramifications until trade policies stabilize. With that, I'll turn it over to Greg for a more detailed discussion of our financial performance.