Company: MATV
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001000623-25-000024
Chunk: 30

Company: Mativ Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 30
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 of the first quarter, versus a current maximum covenant ratio of 5.50x. 

As of March 31, 2025, the Company’s nearest debt maturity was our Revolving Credit Facility, Term Loan A Facility, and Delayed Draw Term Loan Facility, due on May 6, 2027. Refer to "Liquidity and Capital Resources" section for additional detail.

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SUMMARY

Three Months EndedMarch 31,Percent of Net Sales(in millions, except per share amounts)2025202420252024Net sales$484.8 $500.2 100.0 %100.0 %Gross profit72.6 84.0 15.0 %16.8 %Restructuring & other impairment expense6.3 14.4 1.3 %2.9 %Operating loss(430.6)(13.8)(88.8)%(2.8)%Interest expense17.8 18.3 3.7 %3.7 %Net loss$(425.5)$(28.0)(87.8)%(5.6)%Diluted loss per share$(7.82)$(0.52)Cash used in operations$(15.9)$(13.0)Capital spending$13.9 $12.1 

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RESULTS OF OPERATIONS

Comparison of the Three Months Ended March 31, 2025 and 2024

Net Sales

The following table presents net sales by segment (in millions):

Three Months EndedMarch 31,20252024ChangePercent ChangeFiltration & Advanced Materials$187.6 $202.7 $(15.1)(7.4)%Sustainable & Adhesive Solutions297.2 297.5 (0.3)(0.1)%Total$484.8 $500.2 $(15.4)(3.1)%

Consolidated net sales of $484.8 million during the three months ended March 31, 2025 decreased $15.4 million, or 3.1%, compared to the prior year period. 

FAM segment net sales of $187.6 million during the three months ended March 31, 2025 decreased $15.1 million, or  7.4%, compared to the prior year period primarily due to lower volume/mix (an approximately 5% decrease), lower selling prices (an approximately