Company: MATV
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001000623-25-000064
Chunk: 63

Company: Mativ Holdings, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 2
Chunk 63
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, 2025 to stockholders of record as of November 28, 2025. The covenants contained in the Indenture governing the Notes and Amended Credit Agreement require that we maintain certain financial ratios as disclosed in Note 9. Debt of the notes to the unaudited condensed consolidated financial statements, none of which under normal business conditions materially limit our ability to pay such dividends. We will continue to assess our dividend policy in light of our overall strategy, cash generation, debt levels and ongoing requirements for cash to fund operations and to pursue possible strategic opportunities.

Debt Instruments and Related Covenants

The following table presents activity related to our debt instruments for the nine months ended September 30, 2025 and 2024 (in millions):

Nine Months EndedSeptember 30,20252024Proceeds from long-term debt$64.0 $127.0 Payments on long-term debt(131.1)(97.0)Net proceeds (payments) from borrowings$(67.1)$30.0 

Net payments from borrowings were $67.1 million during the nine months ended September 30, 2025, compared to net proceeds from borrowings of $30.0 million during the prior year period.

Unused borrowing capacity under the Amended Credit Agreement was $420.2 million as of September 30, 2025. 

The Company was in compliance with all of its covenants under the Indenture and Amended Credit Agreement at September 30, 2025. With the current level of borrowing and forecasted results, we expect to remain in compliance with financial covenants under the Amended Credit Agreement.

Our total debt to capital ratios at September 30, 2025 and December 31, 2024 were 72.1% and 55.9%, respectively.

Critical Accounting Policies and Estimates

The preparation of our unaudited condensed consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires management to make judgments, assumptions and estimates that affect the amounts reported. There have been no material changes to the critical accounting policies and estimates described in our Form 10-K for the 2024 fiscal year ended December 31, 2024, other than the below item related to goodwill.

During the first quarter of 2025, primarily in response to a sustained decline in the Company's share price, an interim quantitative goodwill impairment test was performed.  

While significant estimates and assumptions related to forecasted future