Mativ Holdings, Inc.

Hello, welcome to Madoff's first quarter 2026 earnings conference call. On the call today from Madoff are Shruti Singhal, President and Chief Executive Officer, Scott Minder, Chief Financial Officer, and Chris Cooper, Director of Investor Relations. Today's call is being recorded and will be available for replay later this afternoon. At this time, all participants have been placed in a listen-only mode, and the floor will be open for your questions following the presentation. If you would like to ask a question at this time, please press star 1 on your touchtone phone. If you need to remove yourself from the queue, please press star 1 again. If you require operator assistance, please press star 0. We ask that you please pick up your handset to allow optimum sound quality. It is now my pleasure to turn the call over to Mr. Chris Cooper. Sir, you may begin.

Good morning, everyone, and thank you for joining us for MADF's first quarter 2026 earnings call. Before we begin, I'd like to remind you that comments included in today's conference call include forward-looking statements. Actual results may differ materially from these comments for reasons shown in detail in our SEC 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. Reconciliations to the closest GAAP metrics are included in the appendix of the earnest release, which along with the accompanying slide deck is now available on our website at ir.mative.com. With that, I'll turn the call over to Shruti.

Thanks, Chris. Good morning, everyone, and thank you for joining our call. We appreciate your time and your continued interest in Madoff. I am delighted to share our financial results, provide operational updates, and formally introduce the next phase of our strategic evolution. Before we discuss the Q1 performance, I would like to pause and reflect on a meaningful milestone. This marks my first full year as Madoff CEO. Looking back at the last 12 months, I am deeply inspired by our global workforce's resilience, adaptability, and unwavering commitment. Having navigated complex macroeconomic and, more recently, geopolitical landscapes, the transformation we initiated a year ago is bearing fruit, placing us on a firmer foundation today. The cultural shift driven across the organization fundamentally altered our operational DNA. We are no longer reacting to the market. We are actively shaping our outcomes and focusing aggressively on things we can control. This pivot is evident enterprise-wide. Widened margin, optimized SG&A expenses, transformed cash flow, and a unified team culture. Our actions remain swift, deliberate, and impactful. Over the trailing 12 months, we transformed Mativ into an agile and more capable organization by holding firm to the following foundational priorities. First and foremost, we are an integral part of our customer's value proposition and the engine that powers their innovation efforts. Our highly engineered solutions are critical to a customer's success and our collaborative and co-creative relationships have never been more stronger. Usually our solution is only a small portion of their final product's cost, but it is key to enabling its value and performance. Second, Our rigorous cost-cutting initiatives yielded nearly $20 million in realized savings across SC&A, operations, and procurement in 2025. And our 2026 cost savings target of $15 to $20 million is proceeding on schedule. The aggressive steps we are taking, simplifying operational workflows, removing bottlenecks, and cutting inefficiencies directly impact our bottom line. Third, we made significant progress in our delevering efforts enabled by improved profit margins and cash flow generation. In early April, we successfully refinanced the majority of our debt tranches. Scott will share more details, but this transaction solidified and simplified our capital structure, de-risked our balance sheet, and enhance MADIS financial flexibility. Lastly, a year ago, we announced a strategic portfolio review of our assets and business lines to better balance the contribution of our product categories across a variety of financial and market dimensions. As a result, we took decisive actions on facilities, products, and assets. We optimized our operational footprint By closing an underperforming plant in Wilson, North Carolina, we successfully streamlined our SKUs to reduce complexity and improve supply chain efficiency. Furthermore, we optimized our R&D initiatives and purposefully reallocated resources towards the highest return projects that directly support our commercial pipeline. By rigorously evaluating our business lines, and taking these necessary actions, we have strengthened our foundation and positioned ourselves for the next phase of strategic transformation. We will now shift our focus to accelerating growth, better aligning our broad capabilities with the strongest markets, and opportunities to drive sustainable long-term value. As part of our strategic planning process, we will continue to evaluate opportunities to create value by optimizing assets, costs, and capital allocation. Transitioning to our Q1 performance, this was a solid opening to the year. By maintaining a relentless focus on commercial excellence, pricing implementation, financial and operational discipline, we achieved year-over-year profitability growth despite the surrounding economic headwinds. Scott will walk you through the financials in detail, but I'll point out that the true highlights of this quarter lie in our profit margin expansion and cash flow performance, marking our strongest consolidated Q1 margin and cash flow performance since our mid-2022 merger. Both segments generated significant adjusted EBITDA and margin increases. Our strategic pricing initiatives and stringent cost controls are working in tandem to create value. Looking past the P&L, our free cash flow narrative remains a point of immense pride building on phenomenal cash flow generation from last year. Historically, Q1 is our most demanding quarter for cash flow due to seasonal working capital buildups. Nonetheless, We achieved significant year-over-year improvement, which is a substantial step change from the heavy use of cash in the prior year. Our tactics have become highly cash flow centric, providing us with liquidity to navigate uncertainties while paying down debt. This also lays a solid foundation for another year of strong cash flow performance. While incredibly proud of our adjusted EBITDA margin and cash flow performance, we operate in a volatile macro environment where the overall demand picture remains mixed across our portfolio. In Q1, we experienced a few discrete pockets of volume weakness across our diversified business portfolio, most notably within our healthcare vertical. First, customer destocking actions in Q1 2026 compared to customer inventory building in the prior year to support their product plans. Second, we experienced supply chain inefficiencies related to a temporary outage late in the quarter at our Knoxville, Tennessee facility. Beyond healthcare, demand remains soft in our release liner and labels businesses. Despite these headwinds, MADF's strength lies in diversification. Our global reach and varied product portfolio allows us to accelerate on pockets of growth to offset weakness. As evidence, in our FAM segment, our European filtration business demonstrated solid momentum particularly in aftermarket transportation, water, and industrial applications. We also captured gains in paint protection and industrial films. In our SAS segment, we saw growth across all finished tape categories and in commercial print. Lastly, I'm pleased to report that we recently earned a sizable new commitment for specialty films from a new aerospace customer. This is another proof point for a strategy of applying existing process capabilities and product knowledge to grow in adjacent markets. In addition, we are focused on extending our commercial pipeline by increasing wallet share via cross-sell opportunities with existing customers and leveraging our broad product portfolio in adjacent applications. I'll highlight that FAM sales pipeline has materially increased versus a year ago, an important tool to offset sluggish market demand going forward. Switching gears to the impacts related to the global macro landscape. We saw limited direct impact from the Middle East crisis in the first quarter, primarily due to our localized supply chains. Looking ahead, given the elevated oil and derivative prices, we expect input cost increases in resins, polymers, and select chemicals. Our commercial and procurement teams work in lockstep, leveraging our pricing agility and remaining proactive on further pricing actions to maintain a favorable price versus cost ratio for 2026. We had already implemented pricing actions in January due to the expected raw material inflation forecasted for 2026. When the subsequent Middle East crisis amplified this forecast, we announced a second pricing action in March to cover those incremental input costs. Although the direct impacts of the current Middle East crisis on MATF are minimal and well within our control, we recognize that the broader indirect impacts on market demand, and overall commercial activity remain uncertain. Our pricing agility allows us to capture the benefits sooner and more evenly, preserving margins during times of stress. Our strategic pricing efforts ensure that we realize higher margins over time. Pivoting to the future, As introduced on our last earnings call, we have formalized a new strategic blueprint that will guide how MATF grows its top line, operates, and wins in the marketplace. We have defined a clear, unified vision for MATF to be the preferred global partner for customers delivering performance-critical material solutions. At the heart of this strategy, is our core purpose. Our materials and solutions are the key components that enable and elevate our customers' innovations. Whether we are purifying air and liquids, protecting surfaces in harsh conditions, ensuring materials stick and release on demand, or ensuring life-saving devices stay attached to your body, our solutions are the critical components that make this progress possible. We succeed by playing to our strengths. We go beyond just supplying products by transforming materials into performance. With uncompromising quality, global reach, and deep customer collaboration, we help solve their most complex challenges. In today's dynamic environment, we must relentlessly pursue ease, speed, and reliability. We are actively focusing our sustainability and innovation efforts, leveraging our technical capabilities to accelerate progress across our key growth areas. We are continuing to optimize operations to run a faster, more efficient business. We want to make it effortless for customers to work with us ensuring we exceed expectations every time they engage with us. We are making deliberate strategic choices to invest where we can win and grow. This means aggressively advancing our go-to market strategy, unlocking the full integrated value for a diverse portfolio, and concentrating our resources on high growth, high return markets. As we continue to refine our go-to-market strategies over the coming months, we will keep you informed on our progress and impact. We have the right talent, the right portfolio, and we refine our strategy blueprint to lead MADF into its next phase of profitable growth and on a clear path to long-term value creation. With that, I'll turn the call over to Scott to provide a more detailed overview of our financial performance.